Building Binance in DeFi
LONDON, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Extended, a hybrid perpetual crypto exchange founded by former Revolut employees, has transitioned from its invite-only phase to opening trading for all users. During its closed launch, the exchange achieved $300M in trading volume and engaged over 150 active users. With this launch, Extended has also announced a points program, though the details remain undisclosed. Furthermore, the platform plans to develop a unified portfolio margin system, leveraging internal spot, borrowing, and lending markets, with technical support from StarkWare.
Portfolio margin is an advanced risk management system that consolidates a trader's positions across multiple asset classes (e.g., spot, derivatives, and borrowing/lending) into a single margin account. Instead of requiring separate collateral for each market, it calculates margin requirements based on the overall risk exposure of the combined portfolio. This approach significantly enhances capital efficiency and unlocks greater trading opportunities. Traders are not restricted to using stablecoins as collateral — they can deposit various cryptocurrencies to support their strategies. Unified portfolio margin is widely used in traditional finance (TradFi) and has been adopted by major centralized exchanges. However, it remains largely unavailable in DeFi.
Extended's ambitious hybrid architecture, which proved its efficiency during the closed mainnet phase, is built on StarkWare’s on-chain scaling engine, StarkEx. Extended maintains end-to-end latency under 20ms, while handling tens of thousands of transactions per second, making it the most performant exchange in DeFi. Beyond openly launching the current version of Extended, the companies have announced that they will be working on the delivery of unified portfolio margin in collaboration. As part of this collaboration, StarkWare will allocate an engineering team to support product development and support the business with a special grant.
Eli Ben-Sasson, CEO of StarkWare, stated, "We believe Extended can become a full-scale self-custody exchange that rivals leading centralized exchanges and matches their product portfolio. This is a step towards creating a trustless and transparent Binance in the DeFi world, offering on-par performance and trading experience."
In addition to its plans for unified margin, Extended is working on acquiring licenses to offer best-in-class fiat rails and unlock opportunities for TradFi partnerships. The company believes its potential extends beyond offering crypto products to existing crypto users, envisioning significant opportunities in bringing both TradFi users and assets on-chain, with regulatory compliance serving as a critical part of that vision.
Ruslan Fakhrutdinov, CEO and Founder of Extended, said, “It's only a matter of time before crypto legislation evolves to require compliance not just from centralized exchanges but from decentralized ones as well. At Extended, we fully support this evolution, as it will drive overall industry growth and prosperity. We aim to stay ahead by proactively obtaining all the necessary licenses now.”
About
Extended (formerly X10 Exchange) was founded by Revolut's former Head of Crypto Operations alongside other senior members of the Revolut team, including the former Tech Lead of the recently launched Revolut X. Extended is dedicated to delivering a 10x trading experience by offering the most comprehensive product portfolio in DeFi.
For more information, please visit https://extended.exchange/
CONTACT: Contact: anya@ex10.org
