Supernova

Supernova is a decentralized platform focused on on-chain interest rate trading. Its core business allows users to trade interest rates like stocks, for example swapping between fixed and floating rates. The platform leverages existing money markets such as Aave and Morpho, enabling users to hedge against lending rate volatility or speculate on rate movements. It uses a central limit order book (CLOB) architecture to provide efficient rate discovery.

Its core narrative is "making rates predictable." In traditional DeFi, lending rates are highly volatile and users lack hedging tools; stablecoin holders also face FX volatility risk. Supernova addresses these issues through interest rate swaps and synthetic FX (such as non-deliverable forwards), allowing users to gain foreign currency exposure without leaving the dollar stablecoin track while retaining yields.

In the past six months, Supernova integrated with Morpho Blue to expand its interest rate swap products; as of early 2026, cumulative DEX trading volume exceeded $1 billion, with 24-hour volume around $19.76 million. Additionally, the project team published articles exploring synthetic FX built on dollar stablecoins, indicating expansion into the FX space.