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Lapom
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Lapom
@_lapom
Je navigue sur la DeFi Member @AptosCollective 🌐
France Inscrit le Ocak 2022
413 Abonnements932 Abonnés
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Extended end of Q1 update
[TLDR]
- Multi-asset collateral launching soon
- TradFi expansion accelerating (>25 markets live, partnership coming, focused on distribution via TradFi brokers)
- Becoming more institutional-ready (pricing methodology, trading workflows)
- Building decentralised, high-throughput sequencing
[Product]
The team has completed development of multi-asset collateral margin. It is now in the testing phase on testnet and undergoing smart contract audits. We expect to launch at the end of April or early May, with support for wBTC, ETH, USDT and potentially EURC as collateral, subject to underlying liquidity.
In Q1, we also doubled down on our TradFi offering, expanding to 25+ equities, indices, FX markets and commodities with competitive liquidity. We are currently finalising an agreement with a major TradFi broker, which will both broaden our offering and help bring in flow.
The other priority for the team is making Extended more institutional-friendly across both product and trading:
- Improving the definition and transparency of fair reference pricing for TradFi markets, with a consistent and clear methodology: spot-based references for equities and FX, and futures-derived pricing for commodities and energy
- Introducing and better communicating institutional-grade features such as MPC wallet workflows, API key-only trading, and our sub-account architecture
In addition:
- With multi-asset collateral, we have built native spot markets (required to process liquidations of non-USDC balances). These will be released shortly after the cross-asset rollout.
- The team is progressing towards decentralising sequencing via an application-specific chain built on a high-throughput implementation of full BFT consensus (targeting ~50ms block times and hundreds of thousands of transactions per second).
This architecture introduces an app-chain layered on top of our existing zk-enabled stack, enabling decentralised matching and related services while preserving existing security guarantees. More details and timelines will be shared soon. Importantly, this design enables Extended tokenomics and revenue accrual to the token.
[Growth and community]
Our strategy remains consistent:
- Stay open to feedback
- Continuously iterate on the product
- Encourage organic usage
- Do not do paid marketing or paid deals
- Focus on long-term sustainability and value creation
Over the past quarter, we have gained stronger conviction that demand for perpetuals is increasing among traditional players, driven by 24/7 trading, higher leverage and deeper liquidity. As a result, we are doubling down on business development with TradFi brokers (fintechs and trading platforms). This is a long-term effort, but we believe it will be a key driver of sustainable growth.
We also have several important integrations with trading terminals coming up, both retail and institutional.
[Team]
Over the past quarter, we hired 3 new team members and are now a team of 14. As we move towards decentralising sequencing, we expect to grow to 18-20 people in the coming months.
[Market and exchange metrics]
Nothing unexpected: January saw all-time highs across key metrics, followed by a broader market slowdown in February and March. All Extended metrics are public: dune.com/extended/exten…
From our perspective, short-term market conditions are less important than long-term trends. What matters is that the market we are building in continues to grow and there is room for new players. We strongly believe this is the case:
- price discovery for TradFi assets is likely to increasingly shift towards perpetuals. More on this here: x.com/rf_extended/st…
- DeFi continues to gain share versus CeFi
- Regulatory clarity is improving across both the US and Europe
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Hyperliquid has quietly achieved an important milestone of becoming the most liquid venue for crypto price discovery in the world. See below for side by side comparison of BTC perps on Binance (left) and Hyperliquid (right).
With HIP-3 teams leading the way, Hyperliquid has also grown to become the most liquid venue for perps on tradfi assets. Thank you to everyone's hard work as we upgrade the financial system and house all of finance.

Hyperliquid@HyperliquidX
HIP-3 open interest reached an all-time high of $790M, driven recently by a surge in commodities trading. HIP-3 OI has been hitting new ATHs each week. A month ago, HIP-3 OI was $260M.
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State of liquidity and execution on @extendedapp v4
This time, we focused on slippage and total cost of execution for $HYPE on @extendedapp, @HyperliquidX, and @Lighter_xyz .
Methodology
1. Measured slippage for market orders on HYPE across $10k and $100k clip sizes every 30 seconds across the three exchanges from Jan 5, 18:20 UTC to Jan 9, 07:45 UTC (10,253 snapshots).
2. Calculated average hourly slippage, split by buy vs sell and by clip size.
3. Applied 2.5 bps taker fee for Extended and 4.5 bps taker fee (base rate) for Hyperliquid when estimating total cost of execution.
Results for Total Cost of Execution.
1. Lighter is the cheapest for $10k orders on average, being ~1 bp cheaper than Extended, which ranks second.
2. Extended is the cheapest for $100k orders on average, being ~1.5 bps cheaper than Lighter, which ranks second.
3. Even with the lowest possible taker fee on Hyperliquid (1.44 bps), it remains more expensive than both Lighter and Extended for $10k clip sizes and more expensive than Extended for $100k clip sizes.
Results for Slippage.
Extended has the lowest slippage for both $10k and $100k orders, on average being ~1 and ~1.8 bps cheaper than Hyperliquid (second best) for $10k and $100k clips, respectively.
Full dataset:
#gid=30336491" target="_blank" rel="nofollow noopener">docs.google.com/spreadsheets/d…
Next time, we will perform an analysis of slippage and total cost of execution based on actual trades rather than order book snapshots.
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@Capetlevrai gg, le plus dur c'est de ne pas fumer en soirée, si t'arrives à supporter cette étape t'as tout gagné
Français

Full transparence, voici le suivi de mon aventure sur @extendedapp
Tout d'abord mes points, je prends très au sérieux le farming de ce perp depuis peu mais j'avais vu le potentiel de la dApp dès sa sortie via @BlurCrypto, c'était mi-mai 2025.
J'ai donc pris l'initiative de créer une quête sur @layer3 pour faire découvrir Extended aux users en prenant le soin de mettre mon lien de référence. Ce qui m'a permis d'atteindre rapidement le rang de King concernant la section Referral.
Puis je suis parti au japon, histoire de me déconnecté des cryptos suite au crime de @EclipseFND, je n'ai donc pas accumulé de points pendant cette période.
C'est seulement quand je suis revenu que j'ai pris au sérieux cette dApp et voici mes statistiques:
- 511 000$ de volume
- Dépôt de 5 000$ dans le vault
- Je trade toujours la même paire : HYPE-USD avec un capital de 1 000$ en levier x2
J'ai pour objectif d'atteindre le rang de King dans le trading tandis que pour la catégorie providing liquidity je ne devrais pas dépassé le rang de knight étant donné que je ne suis pas une whale et que je ne compte pas augmenter ma position.
J'ai perdu au total 120$ en trading mais mes références et mon dépôt dans le vault compense cette perte tout en améliorant mon score.
Au vu de faible nombre d'utilisateur, il est encore temps de se positionner. Les avis favorables du CT jouent en ma faveur, amenant plus de monde et j'ai confiance en la team.
Certaines rumeurs parlent d'1 point pour 4$, mais ça me parait vraiment excessif et un TGE T1 2026.
Concernant les nouveaux users, vous bénéficiez d'une réduction de 10 % sur les commissions en utilisant un lien de parrainage, voici le mien : app.extended.exchange/join/LAPOM

Français
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