Particle
A permissionless leveraged trading protocol based on LAMM
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About Particle
Particle is a permissionless leverage trading protocol on Blast that uses a leverage automated market maker, letting users go long or short with leverage on any token they choose while a liquidity pool carries both collateral and positions, with no price oracle and no conventional forced liquidation. It addresses leverage's dependence on oracles and counterparties, where order books need market makers and lending markets need liquidation bots, and failure in either causes losses.
Making leverage part of the AMM curve means prices come from pool ratios and leverage is expressed in share structure, so insolvency and bad debt should not arise in theory. The cost is lower capital efficiency and pricing precision than an order book, and pools for long-tail assets unbalance easily. In July 2026 the protocol issued its native token and enabled staking, handing governance and fee distribution to holders, the year's main product milestone.
On January 2, 2024, Particle completed a seed round led by Polychain Capital, with investors including Nascent, Inflection and Arthur Hayes.
On January 11, 2024, Particle announced that its mainnet is live, with the team consisting of builders and researchers from MIT, CMU and UofT who previously worked at Google, Meta and Microsoft.
On June 12, 2024, Particle completed a strategic round with investors including Spirit DAO, XDeGods and Dingaling.
On June 29, 2026, Particle's status changed to out of business.
Particle's Papertrade went live on October 10, 2026, offering on-chain synthetic perpetuals with up to 1,000x leverage. Prices are sourced from the Hyperliquid best-bid/offer midpoint, and every trade settles against a shared house pool (Martingaler LP) funded by traders' realized losses
Within minutes Particle's Papertrade registered about $14.4B in notional volume and billions in open interest; pre-launch deposits reached $85.3M and tens of millions were paid to PAPER stakers. Watchdogs have flagged single-source pricing, possible oracle-manipulation risk, payout-queue strain when the pool lacks cash, and unresolved U.S. regulatory questions.
Wukong — Founder (pseudonym); an MIT dropout who moved into Web3, leading a team with backgrounds at Google and Facebook; closed a seed round led by Polychain Capital in January 2024 with participation from Arthur Hayes.