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Nado is a decentralized order-book exchange built on Ink L2, an EVM-compatible network powered by Optimism Superchain, developed by the team behind Kraken. It offers spot and perpetual trading with unified margin, allowing users to use multiple assets as collateral and hedge risks across products. The platform also features an NLP liquidity pool for perpetuals and a dynamic interest rate model. Its core mechanism is off-chain matching with on-chain settlement to enhance execution speed.
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About Nado
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.
Over the past six months (2026-03-04 to 2026-09-04), Nado has made significant strides. Key milestones include:
xStocks Launch (June 9): Nado introduced the industry's first tokenized unified margin system for U.S. equities, listing SPYx (S&P 500) and QQQx (Nasdaq 100) as collateral for perpetual trading. This expanded the platform from crypto-only to cross-asset trading.
Expansion (June 26): Added five individual equity tokens (AAPLx, METAx, NVDAx, GOOGLx, TSLAx), bringing total spot support to seven assets and enabling equity perpetuals with up to 20x leverage.
Nado Rewards (August 3): Launched a recurring weekly reward pool of up to $100,000 USDT, distributed based on trading volume, replacing the earlier Season 2 points system.
API Enhancements: The Portfolio query now returns trading-activity series (volume, trade size, market count) alongside value and PnL, with a breaking change removing the scalar
vlmfield.
Future Focus: Nado aims to deepen xStocks' role as collateral, expand into more asset classes (FX, commodities), and develop advanced products like on-chain vaults and synthetic dollars. Key metrics to watch are xStocks' share of collateral base and sustained volume despite shrinking rewards.
Jack (Founder, Twitter: https://x.com/Jackisnotinabox)
No other co-founders or core executives are publicly disclosed.