Adrena Protocol
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anchored·B3Mn9w…gwPzSummary
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
4 entities · 60 linked investigations- Adrena Protocol→mentioned with→Solana(80%)
- Adrena Protocol→mentioned with→Jupiter Exchange(65%)
- Solana→mentioned with→Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)(80%)
- Jupiter Exchange→mentioned with→Solana(80%)
- Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)→mentioned with→Solana(80%)
- Adrena Protocol→mentioned with→Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)(75%)
Connected Through
3 shared actors · 359 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Solanaorganization
- △Jupiter Exchangeexchange
- □Pump.fun / Solana Labs / Jito Labs — RICO MEV Class Action (SDNY 2026)organization
Timeline(9 events)
2023
Adrena Protocol founded (approximate); team describes themselves as anonymous Solana-native builders who were contributors to the Solana Perpetuals program.
Pivot Global investment thesis2024
Adrena Protocol launches on Solana mainnet (approximate Q1 2024). Smart contracts audited by OtterSec prior to launch.
Adrena Official Docs and Solana Compass reviewJuly 2024
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 Solana26 September 2024
ADX token reaches approximate all-time high range; CoinGecko records all-time high of $0.2349 on November 9, 2024.
CoinGecko — Adrena (ADX) price history9 November 2024
ADX token reaches all-time high of $0.2349 per CoinGecko.
CoinGecko — Adrena (ADX) price history12 November 2025
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 DevelopmentMarch 2026
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 Autonom10 April 2026
ADX token reaches all-time low of $0.0003357 per CoinGecko.
CoinGecko — Adrena (ADX) price historyMay 2026
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
- slot 423507983 · hash Dro4oqcMqGhvgAHaq4L83PkWG1neU1GiTQ6KBHSJQXrY
- slot 423507981 · hash 2hHcHA29AAFMK7dRZN8zbVT51yehXNDF7W7xYchFd2K5
- slot 423445754 · hash Yyfbgg9uWZtjtTgwhK6YAMCouLQTVbsteS9zqQeEZig
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 15 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 8:20:52 PM
last updated: 5/31/2026, 8:20:52 PM
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