Adrena Protocol
Summary
Adrena Protocol was a decentralized peer-to-pool perpetual futures exchange built on Solana, offering up to 100x leverage trading via a dual-token model (ADX governance token and ALP liquidity pool token). Founded circa 2023 by an anonymous team of self-described Solana-native builders, the protocol achieved approximately $8 billion in cumulative trading volume and $10 million in fee revenue before entering maintenance mode in November 2025 after failing to secure sufficient external funding and struggling with user retention. As of early 2026, the founding team has ceased active development, the protocol remains operational in a caretaker state, and a community relaunch targeting RWA (real-world asset) perpetuals has been announced in partnership with oracle provider Autonom.
Connected Entities
1 entities · 10 linked investigationsTimeline(9 events)
2023-01-01
Adrena Protocol founded (approximate); team describes themselves as anonymous Solana-native builders who were contributors to the Solana Perpetuals program.
Pivot Global investment thesis2024-01-01
Adrena Protocol launches on Solana mainnet (approximate Q1 2024). Smart contracts audited by OtterSec prior to launch.
Adrena Official Docs and Solana Compass review2024-07-01
By mid-2024, Adrena achieves third place in weekly perpetual trading volume on Solana behind Jupiter and Drift, with over $3.87 billion in total trading volume since launch. R89 Capital and Stakeholder Capital invest in the protocol.
Solana Floor — The Rapid Rise of Perpetual Trading on Solana2024-09-26
ADX token reaches approximate all-time high range; CoinGecko records all-time high of $0.2349 on November 9, 2024.
CoinGecko — Adrena (ADX) price history2024-11-09
ADX token reaches all-time high of $0.2349 per CoinGecko.
CoinGecko — Adrena (ADX) price history2025-11-12
Adrena founding team announces the protocol is entering maintenance mode immediately. Reasons cited: failed fundraising (approximately $5M sought for over six months), inability to retain users through market cycles, and intense competition. Team states it has never sold vested ADX tokens. Plans announced to open-source all code.
Phemex News — Solana DEX Adrena Halts Development2026-03-01
Promotional articles published describing Adrena relaunching as an RWA (real-world asset) perpetuals DEX on Solana in partnership with oracle provider Autonom. Official team confirmation not located. Source credibility is low (Medium, pseudonymous authors).
Medium — What Are RWA Perps? Part 1: Adrena x Autonom2026-04-10
ADX token reaches all-time low of $0.0003357 per CoinGecko.
CoinGecko — Adrena (ADX) price history2026-05-01
ADX trades at approximately $0.0006, approximately 99.7% below all-time high. Market capitalization approximately $578,000. 24-hour trading volume under $100. Protocol TVL approximately $513,771.
CoinGecko and DefiLlamaDecision Log
- hash: Dro4oqcMqGhvgAHaq4L83PkWG1neU1GiTQ6KBHSJQXrY
- hash: 2hHcHA29AAFMK7dRZN8zbVT51yehXNDF7W7xYchFd2K5
- hash: Yyfbgg9uWZtjtTgwhK6YAMCouLQTVbsteS9zqQeEZig
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/31/2026, 8:20:52 PM
last updated: 6/1/2026, 3:12:28 AM
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