Adrena

Adrena is a Solana perpetuals DEX using a peer‑to‑pool (AMM‑style) model. LPs provide liquidity and traders borrow liquidity to take leveraged long/short positions. The protocol has traded ~$9.4b in volume, generated ~$10.8m in fees, and served 2,200+ traders across its existing crypto perps product (SOL, BTC, BONK). Team transition: The original founding team placed the protocol into maintenance mode in November 2025, citing fundraising difficulties and competitive market conditions. In December 2025, the community voted to hand control to a new team (Autonom), which is now reviving the project with an expanded product roadmap. Core smart contracts remain unchanged. RW‑ALP is a new, separate pool: The commodities RW‑ALP pool operates independently from Adrena’s existing crypto ALP pool. It has its own fee flow, its own LP token, and its own top-up mechanism. Performance of the crypto pool does not directly affect RW‑ALP. Read the Full Thesis Below