You Do The Building. We Handle The Distribution.

You Do The Building. We Handle The Distribution.

The Wait Ends Now.

We’ve raised $50M led by @dragonfly_xyz to go all in on RWAs and bring TradFi liquidity on-chain. Today, we're launching Phase 1 of our RWA rollout to stress-test our infrastructure before bringing 100 TradFi markets on-chain this summer.

WE ARE ON >Connect your X >Climb the leaderboard >Take your shot at a slice of $50k Join now: early.bulk.trade

Extended surpassed $25M in Total Cumulative Revenue

Introducing Hotstuff Invest 24/7 spot markets for Tokenized Stocks, ETFs & Crypto, powered by @xstocksFi Built on a Hybrid RFQ order-book model with @bebop_dex as our 1st RFQ venue and more venues being integrated over time The $147T equity market is coming on-chain.

When it comes to unified margin and Tradfi integrations, Extended seem to be cooking. They just introduced multi asset collateral with native lending - most perp platforms are yet to build this into their ecosystem. And yeah, Extended still has more coming soon, I believe it will be surprising. According to the released roadmap - Phase 2 will be much broader universe of crypto and TradFi markets, spot trading, and an open lending protocol. Phase 3 will be additional products beyond perps, spot, and lending. This means in the future, a single account on extended will span towards perpetuals, spot, lending, yield-bearing products, and additional products. Bullish.

Multi-Asset Collateral is now live on Extended From today, wBTC and ETH are accepted as collateral alongside USDC and XVS (Extended yield-bearing collateral). EURC and USDT are coming soon. How it works The system operates on a native money market, with the vault acting as the primary lender. When trading losses push your USDC balance negative and that deficit is covered by non-stablecoin collateral, you are borrowing USDC. Borrowing rates depend on two factors: overall vault utilisation and utilisation against each specific collateral asset. For example, if demand to borrow USDC against ETH is lower than against BTC, borrowing against ETH will be cheaper. When a user holds multiple collateral assets, borrowing is automatically allocated starting with the lowest-rate asset and moving upward, minimising the effective cost with no manual input required. We are not aware of this being implemented anywhere else in DeFi. Example. User is down $175K on a perp and borrowing $175K USDC against a mixed book: $50K USDT @ 1% - $500 $50K ETH @ 5% - $2,500 $75K BTC @ 10% - $7,500 Total annualised interest: $10,500. Effective rate: ~6%. Borrowing the same amount entirely against BTC would cost $17,500 annually, or 67% more. What this means for Extended Vault The vault is the primary lender for the entire system. All interest paid by USDC borrowers flows to vault depositors as Extra Yield, on top of the trading fees already distributed. This creates a second, structurally independent yield stream for XVS holders. The vault earns by serving as the backbone of the margin system.

Nine months ago XO was a thesis: the biggest platforms decide which markets exist, liquidity is killing trades, and resolution is broken. We thought we could fix all three. Given we just completed our $6M seed round, we thought now is a better time than any to reflect on where we started, what's happening right now, and a sneak peak at our roadmap for the future.