Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$45.29KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $45.29K | -- | -- | -- |
| Oct 2026 | $886.2K | -- | -- | -- |
| Sep 2026 | $880.11K | -- | -- | -- |
| Aug 2026 | $753.69K | -- | -- | -- |
| Jul 2026 | $491.95K | -- | -- | -- |
| Jun 2026 | $856.82K | -- | -- | -- |
Comparison
Follow Updates
Follow Lists
People
About Nado
Nado is a non-custodial central-limit order book DEX on Ink that puts spot, perpetuals and lending inside one unified margin account, so a single pool of collateral can back several kinds of positions, including tokenized equities such as xStocks. It targets the fragmentation of venues and margin, where traders shuttle between protocols and track collateral ratios separately. Each user has a separate account, with positions and borrowing sharing one collateral pool.
Orders match offchain and settle onchain, with roughly 5–15 ms matching that balances speed and self-custody. Beta opened on January 30, invite codes were dropped on May 21, and xStocks were accepted as margin from June 9. The operator is registered in Panama and does not carry Kraken's regulatory protections; no contract audit has been published publicly, a premise worth confirming before use. Unified margin raises capital efficiency and makes cascading liquidations arrive faster in one-way markets.
Nado, an order book DEX built on Ink, has marked several long-term milestones in its development.
First, it brought the collateral identity of US stocks onto the blockchain. By enabling tokenized equities like SPYx and QQQx to serve as margin for perpetual contracts, Nado transformed these assets from mere on-chain holdings into callable capital within trading systems. This represents a significant step in RWA financialization.
Second, Nado launched the xStocks xPoints event, which rewards users for holding and trading these tokenized assets while they simultaneously function as collateral. This mechanism enhances capital efficiency, allowing the same asset to be used across holding, trading, margin, and points accumulation, further integrating RWA into DeFi infrastructure.
Third, Nado gained notable traction among top crypto influencers, including Ansem, RookieXBT, and Mayne, reflecting its growing recognition within the community as a leading order book DEX on Ink.
These milestones collectively illustrate Nado's trajectory: from asset tokenization to collateral integration and user incentive design, positioning it as a key player in the RWA sector.
Nado is an order-book CLOB DEX on Kraken's Ink L2 built by a team with Kraken and Vertex Protocol roots, unifying spot, perps and money-market margin in one account. In late January 2026, Nado airdropped its Nado NFT series to eligible Ink-chain addresses.
Nado is live in trading, running Season 2 points and a weekly $100K USDT0 cash rewards pool (split by maker/taker volume and open interest); its unified margin engine and NLP vault support single-account spot, perp and lending. Nado has no native token; points convert at Ink chain's INK TGE (expected Q2–Q3 2026).
Future strategy and roadmap: Nado will keep expanding trading categories and cross-chain margin on Kraken's Ink L2, adding RWA, USDT0 and xStocks as unified margin collateral and deepening integration with the Ink and Kraken ecosystem; its Season 2 points will convert to tokens at the Ink chain's INK token generation event, while iceberg and conditional orders and a global risk engine raise capital efficiency, unifying order-book matching, unified margin and money-market accounts into a single-account trading experience.
Nado's engineering core comes from Vertex Protocol. Co-founder and CEO Darius Tabatabai is a derivatives trading veteran with degrees from LSE and York. He traded FX and metals options at UBS from 2004, headed precious metals trading at Credit Suisse and global metals trading at Merrill Lynch, then moved into asset management and crypto trading at Arion, CrossTower and JST Capital. Co-founder Alwin Peng was the youngest person Jump Trading had hired, entering DeFi straight out of high school and building the RandomEarth NFT marketplace on Terra in 2022 before teaming up with Tabatabai that summer to start Vertex around a synchronous orderbook and unified margin engine. In July 2025 Vertex struck a deal with the Ink Foundation: the whole engineering and trading team moved to Ink, the Kraken-incubated L2, and Nado is that same team rebuilt on Ink. The core has trading-system and quant backgrounds reporting to the two founders.
Nado uses a monthly rolling maker-taker tier schedule across spot and perpetuals, starting at 3.5 bps for takers and 1 bp for makers, and reaching 1.5 bps taker plus a 0.8 bps maker rebate at the elite tier (30-day volume >= $5bn). Nado charges sequencer fees of 0 USDT0 for deposits, 1 USDT0 for withdrawals (0.0006 wETH, 0.00004 kBTC), 1 USDT0 for subaccount transfers and 1 USDT0 for liquidations, while fast withdrawals add 1 USDT0 plus max(5 USDT0, 10 bps x amount).