Exponents
An oracle-free derivatives protocol based on an inverse bonding curve
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About Exponents
Exponents is a native derivatives protocol on Berachain that introduces Power Perpetuals, a novel instrument allowing leveraged exposure to any on-chain asset without price oracles or liquidation risks.
Its core innovation is a dual-market design: an Inverse Bonding Curve (IBC) and an Automated Market Maker (AMM). When users mint or burn synthetic assets (ibAssets), the IBC adjusts prices based on supply changes, while the AMM handles secondary-market trading. Arbitrage between these two markets naturally discovers fair prices, eliminating the need for external oracles. Positions are fully collateralized and never forcibly liquidated, as the protocol uses a "devaluation" mechanism instead of traditional margin calls.
This solves two major pain points in DeFi derivatives: oracle dependency (which limits assets to highly liquid ones and creates manipulation risks) and liquidation cascades (which can wipe out positions during volatility). Exponents enables permissionless listing of any token, making derivatives accessible for long-tail assets.
In the past six months (March–September 2026), Exponents completed its testnet phase on Berachain's Artio network, demonstrating functioning core mechanics. The protocol secured RFA (Request for Allocation) eligibility in January 2025, positioning it for mainnet launch incentives. As of September 2026, the team is finalizing mainnet deployment preparations, with documentation publicly available and community testing concluded. No significant negative events were reported during this period.
Exponents, developed by Bear Market Labs, launched in 2023 with the goal of redefining on-chain derivatives. Its core innovation is the Power Perpetual, a novel instrument combining an Inverse Bonding Curve (IBC) with an integrated AMM. This design eliminates the need for price oracles and liquidations, allowing traders to take leverage on nearly any asset without traditional collateral requirements or funding fees.
A significant milestone was the protocol's participation in Berachain's Artio testnet during late 2023 to early 2024, where its core mechanisms were validated. In January 2025, Exponents was selected for Berachain's Request for Application (RFA) program, marking official recognition as a key ecosystem project. This status provided access to BERA incentives and technical guidance, positioning it for mainnet deployment alongside Berachain's launch in 2025.
The protocol's design integrates deeply with Berachain's Proof-of-Liquidity (PoL) consensus, allowing $BGT emissions to be distributed as rewards to users who mint positions via the IBC. This creates a novel incentive structure where users are encouraged to open short positions on competing protocol tokens. Research reports from DeSpread and Berachome have highlighted Exponents as a foundational derivatives layer, comparing its potential impact on derivatives to Uniswap's role in spot trading.
Ryan Park, co-founder and current core lead of Exponents.
He was a Thiel Fellow (2022–2023). From 2020 to 2022, he worked as an Associate at Terraform Labs, advancing liquid-staked tokens. In 2019–2020, he ideated early concepts of liquid staking at Everett Protocol, which was later acquired. He also participated in the Decipher research group in Seoul (2018–2019) and briefly attended the University of Hong Kong in 2021 before converting to the Thiel Fellowship. In 2024, he founded Bear Market Labs, under which Exponents was built to create an oracle-free, liquidation-free perpetual DEX on Berachain.