Chung Research Note #6 - Nado
Executive Summary
- Nado is a central-limit orderbook DEX built on Ink, allowing traders to use unified margin across perpetuals, spots, and money markets, move collateral dynamically to manage risk in real time, and access a feature-rich platform that enhances performance and capital efficiency
- Built by Kraken’s core engineering team, this internal initiative leverages decades of exchange expertise from the secure CEX managing $10B+ in assets, with $920m+ raised and IPO plans underway
- Currently in Private Alpha, with about $19.7M TVL, $500M in daily trading volume, ~$100K in daily fees, and over 1,300 unique users, accessible by invitation through an ongoing waitlist and whitelist process
Read the full research on Substack
Executive Summary
- Nado is a central-limit orderbook DEX built on Ink, allowing traders to use unified margin across perpetuals, spots, and money markets, move collateral dynamically to manage risk in real time, and access a feature-rich platform that enhances performance and capital efficiency
- Built by Kraken’s core engineering team, this internal initiative leverages decades of exchange expertise from the secure CEX managing $10B+ in assets, with $920m+ raised and IPO plans underway
- Currently in Private Alpha, with about $19.7M TVL, $500M in daily trading volume, ~$100K in daily fees, and over 1,300 unique users, accessible by invitation through an ongoing waitlist and whitelist process
Read the full research on Substack
