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{"actor":"system:backfill","investigation_id":"c5c72837-af09-4db4-ba3c-27ff8c451ec1","kind":"publish","page_slug":"hxro","published_at":"2026-06-01T13:19:48.660Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Hxro Network","sections":[{"content":"Hxro Network, developed by Hxro Labs, is a Solana-native infrastructure layer designed to serve as a unified liquidity primitive for decentralized derivatives. The network provides three core protocols: Dexterity, a central limit order book (CLOB) engine for trading perpetual and expiry futures, options, and combinations; SAMM (Smart Automated Market Maker), a parimutuel liquidity protocol; and THEO, a risk-managed AMM designed for options markets. Rather than operating as a standalone exchange, Hxro positions itself as composable middleware — applications and front-ends can integrate Hxro protocols to access shared liquidity pools. The RockawayX research note from 2024 compared the role to what Serum (and later OpenBook) provided for spot markets on Solana. The network launched its alpha sandbox on Solana mainnet in July 2022 using a simulated stablecoin (UXDC) to stress-test the system before opening with real collateral. A USDC-collateralized derivatives marketplace was subsequently launched on mainnet later in 2022.","heading":"Overview and Protocol Architecture","severity":"low","sources":[{"credibility":1,"name":"Hxro Begins Testing Crypto Derivatives Trading Platform on Solana — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/07/01/hxro-begins-testing-crypto-derivatives-trading-platform-on-solana"},{"credibility":2,"name":"Derivatives landscape on Solana in 2024 — RockawayX / Medium","type":"research","url":"https://medium.com/rockaway-blockchain/derivatives-landscape-on-solana-in-2024-dffbd93e20d7"},{"credibility":2,"name":"Hxro Network by Hxro Labs — QuickNode Builders Guide","type":"other","url":"https://www.quicknode.com/builders-guide/tools/hxro-network-by-hxro-labs"},{"credibility":2,"name":"DeFi Protocol Hxro Launches USDC Collateralized Marketplace on Solana Mainnet — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/defi-protocol-hxro-launches-usdc-collateralized-marketplace-on-solana-mainnet-as-demand-for-onchain-derivatives-surges-301628207.html"}]},{"content":"Hxro Network was co-founded by Dan Gunsberg and Rob Levy, both publicly identified with documented prior careers in traditional finance. Dan Gunsberg began trading on the floor of the Chicago Board of Trade in 1998 and spent approximately 25 years in legacy derivatives markets before entering crypto in 2015; he previously served as COO and principal of a proprietary trading firm with operations on North American and European derivative exchanges. Rob Levy has a software engineering background. Additional co-founders include Lawrence Richardson II, Danny Johnson, and Greg Zanotti according to CB Insights records. The team is further supported by Thomas Schmid (Head of Engineering, formerly of Microsoft and Palantir), Michael Feng (Head of Business Development, formerly of Barclays and Nomura), and Will Harborne (Strategy Lead and founder of DeversiFi). The project is also advised by Dave Olsen, former president of Jump Trading. The team's identities are fully public and verifiable through multiple professional profiles, podcast appearances, and press coverage. This level of named-team transparency is a positive trust signal in the on-chain derivatives space.","heading":"Team Transparency","severity":"low","sources":[{"credibility":2,"name":"Dan Gunsberg — Crunchbase Person Profile","type":"other","url":"https://www.crunchbase.com/person/dan-gunsberg"},{"credibility":3,"name":"Q&A — Dan Gunsberg & Rob Levy, co-founders Hxro — Medium","type":"news_article","url":"https://medium.com/@Coin_Shark/q-a-dan-gunsberg-rob-levy-co-founders-hxro-9d268f6d8beb"},{"credibility":2,"name":"Episode #88: Dan Gunsberg — Chicago Board of Trade Floor Trader Turned Crypto CEO — Apple Podcasts","type":"other","url":"https://podcasts.apple.com/us/podcast/episode-88-dan-gunsberg-chicago-board-of-trade-floor/id1467786723?i=1000576526711"},{"credibility":2,"name":"Hxro CEO, Founder, Key Executive Team — CB Insights","type":"other","url":"https://www.cbinsights.com/company/hxro/people"},{"credibility":2,"name":"Hxro Network on Solana — Solana Compass","type":"research","url":"https://solanacompass.com/projects/hxro-network"}]},{"content":"Hxro raised a total of approximately $49 million across two token rounds in 2021. In June 2021, the company raised $15 million from Commonwealth Asset Management, a global macro hedge fund whose principals include veteran investors Louis Bacon and Alan Howard, with Adam Fisher serving as CIO. In November 2021, Hxro closed a $34 million strategic round co-led by SIG DT Investments (a subsidiary of Susquehanna International Group), Jump Crypto, and Blockchain Capital. Additional participants in the $34 million round included Alameda Research, Chicago Trading Company, Pattern Research, Solana Ventures, Coinbase Ventures, CoinFund, Genesis, LedgerPrime, Mantis, and Magnus Capital. Round proceeds were designated for the network treasury, bootstrapping early protocol liquidity, and funding network rewards. The institutional composition — featuring multiple major trading firms and crypto VCs — represents a credible backing profile. However, Alameda Research (one of the round participants) subsequently collapsed in November 2022 as part of the FTX implosion. No public disclosures have been found indicating that Hxro suffered direct operational losses from Alameda's failure, though the participation of Alameda in the investor syndicate is a contextual risk flag given the broader events.","heading":"Fundraising and Institutional Investors","severity":"medium","sources":[{"credibility":1,"name":"Hxro Network Announces $34M Strategic Round Co-Led by SIG DT, Jump Crypto and Blockchain Capital — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/hxro-network-announces-34m-strategic-round-co-led-by-sig-dt-jump-crypto-and-blockchain-capital-301433917.html"},{"credibility":1,"name":"Solana-based derivatives network Hxro raises $34 million in token round — The Block","type":"news_article","url":"https://www.theblock.co/post/125758/solana-based-derivatives-network-hxro-raises-34-million-in-token-round"},{"credibility":1,"name":"Crypto Derivatives Firm Hxro Raises $15M From Macro Hedge Fund Commonwealth — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2021/06/01/crypto-derivatives-firm-hxro-raises-15m-from-macro-hedge-fund-commonwealth"}]},{"content":"Hxro Network has commissioned multiple third-party security reviews of its smart contract infrastructure. Kudelski Security conducted a full protocol audit of the Dexterity and Parimutuel smart contracts, the Spandex risk engine, and supporting infrastructure, with no critical issues reported. Neodyme, a respected Solana security firm, conducted an audit of the HXRO token and governance contracts, with all identified issues reported as fully patched. OtterSec provides ongoing audit and monitoring coverage. The protocol is described as maintaining a bug bounty program with rewards reportedly up to $500,000, and an insurance fund capitalized by trading fees. The Dexterity protocol and supporting TypeScript SDK are open-source on GitHub under the Hxro-Network organization, enabling independent public review. The open-source nature of the core contracts is a positive signal. No public disclosures of critical exploits, fund losses, or active vulnerabilities have been found in searches across news, security databases, or community reports. The primary residual smart contract risk is standard Solana program complexity — Dexterity implements a CLOB with cross-margining, which is a technically complex domain.","heading":"Security Audits and Smart Contract Risk","severity":"low","sources":[{"credibility":2,"name":"Hxro Network on Solana — Solana Compass (audit summary)","type":"research","url":"https://solanacompass.com/projects/hxro-network"},{"credibility":1,"name":"Hxro Network GitHub Organization","type":"official","url":"https://github.com/Hxro-Network"},{"credibility":1,"name":"GitHub — Hxro-Network/dexterity-ts","type":"official","url":"https://github.com/Hxro-Network/dexterity-ts"}]},{"content":"The HXRO token has a maximum supply of 1 billion tokens, with approximately 620 million currently in circulation as of mid-2026. The token's all-time high was approximately $0.80, reached during the peak crypto bull market of 2021. As of mid-2026, HXRO trades at approximately $0.003, representing a decline of roughly 99.6% from its all-time high. The market capitalization at current prices is approximately $2.1 million (circulating) with a fully diluted valuation of approximately $3.4 million. Daily trading volume is extremely low — under $200 USD across all venues, with most activity on decentralized exchanges such as Meteora, Jupiter Aggregator, Raydium, and Orca. The token is listed on Coinbase and Kraken among centralized exchanges but sees minimal volume there. Token staking was designed to provide holders with a pro-rata share of 50% of all Hxro Network transaction fees; the utility of this mechanism is heavily dependent on network trading volume, which does not appear to be generating meaningful fee revenue at present. The severe token price decline and near-zero trading volume are significant risk signals for speculative holding of HXRO tokens, though they do not by themselves indicate fraud or protocol failure. The HXRO tokenomics included private/pre-sale rounds at prices substantially above current market values, meaning early investors and team members holding at above-current allocations would face losses.","heading":"Token Economics and Market Performance","severity":"high","sources":[{"credibility":2,"name":"HXRO Price — CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/hxro"},{"credibility":2,"name":"HXRO Price Today — CoinMarketCap","type":"other","url":"https://coinmarketcap.com/currencies/hxro/"},{"credibility":2,"name":"HXRO Token — Hxro Docs (tokenomics and staking)","type":"official","url":"https://docs.hxro.network/tokenomics-and-staking/hxro-token"},{"credibility":2,"name":"HXRO (HXRO) Private/Pre-sale Funding Rounds, Token Sale Review & Tokenomics Analysis — CryptoRank","type":"research","url":"https://cryptorank.io/ico/hxro"},{"credibility":2,"name":"HXRO Price — Coinbase","type":"other","url":"https://www.coinbase.com/price/hxro"}]},{"content":"DeFiLlama tracks Hxro Network but shows a TVL of $0, which the protocol architecture partly explains: Hxro's CLOB-based derivatives model does not lock collateral in liquidity pools in the same manner as lending protocols. Trading margin is held in the protocol during active positions, but this is not consistently reflected as a persistent TVL figure. No third-party source has provided verifiable aggregate trading volume data for the Hxro Network. The network's roadmap (as described by Bitget's project guide) outlined spot-margined perpetual swaps, SOL and BTC dated futures, and vanilla options targeted for rollout through 2024–2025. Competing Solana derivatives protocols — particularly Drift Protocol, Zeta Markets, and Jupiter Perps — appear to have captured significantly more user activity and volume than Hxro Network based on publicly available DeFiLlama and industry data. The Solana Perp DEX landscape in 2025 highlights Drift, Zeta, and Jupiter as the primary venues, with Hxro occupying a more specialized infrastructure-layer role rather than a front-facing user exchange. The hxrolabs.io subdomain reportedly shows an under-construction message as of 2025, and no evidence of recent blog posts or major protocol upgrades was found, raising questions about ongoing development momentum.","heading":"Network Adoption and TVL","severity":"high","sources":[{"credibility":2,"name":"HXRO Network TVL Stats & Charts — DeFiLlama","type":"on_chain","url":"https://defillama.com/protocol/hxro-network"},{"credibility":2,"name":"Derivatives landscape on Solana in 2024 — RockawayX / Medium","type":"research","url":"https://medium.com/rockaway-blockchain/derivatives-landscape-on-solana-in-2024-dffbd93e20d7"},{"credibility":3,"name":"Solana Perp DEX Guide 2025 — Drift, Zeta, Jupiter, and the Rise of Aster — SolCypher","type":"news_article","url":"https://solcypher.ai/solana-news/solcypher-updates/solana-perp-dex-guide-2025-drift-zeta-jupiter-and-the-rise-of-aster/"},{"credibility":3,"name":"Hxro Network: Project Guide — Bitget Web3","type":"other","url":"https://web3.bitget.com/en/dapp/hxro-network-27369"}]},{"content":"No SEC enforcement actions, CFTC actions, DOJ investigations, or other regulatory proceedings involving Hxro Network or Hxro Labs have been identified in searches of regulatory databases and major news sources. The network operates as a decentralized protocol on Solana, which limits certain regulatory nexus points compared to centralized exchanges. However, Hxro's derivatives products — particularly perpetual futures and options — are the subject of active regulatory interest globally for on-chain DeFi protocols. The project's origin in Chicago, a regulated financial center, and the team's traditional finance background suggest an awareness of the regulatory environment. No formal regulatory warnings, consumer alerts, or enforcement disclosures have been found as of mid-2026.","heading":"Regulatory and Legal Status","severity":"low","sources":[{"credibility":1,"name":"SEC Litigation Releases — U.S. Securities and Exchange Commission","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases"}]},{"content":"No public disclosures of protocol exploits, fund losses, governance attacks, or smart contract vulnerabilities affecting user funds have been identified in searches across security databases, crypto news outlets, or the Hxro Network's own communications. The project's early 2022 mainnet testing used a valueless simulated stablecoin (UXDC) specifically to stress-test the system before enabling real-value transactions. The absence of a public incident record is a positive signal but cannot be taken as a guarantee of future security, particularly given the complexity of CLOB-based derivatives protocols on Solana.","heading":"Incidents and Exploit History","severity":"low","sources":[{"credibility":1,"name":"Hxro Begins Testing Crypto Derivatives Trading Platform on Solana — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/07/01/hxro-begins-testing-crypto-derivatives-trading-platform-on-solana"},{"credibility":1,"name":"Hxro Network GitHub Organization","type":"official","url":"https://github.com/Hxro-Network"}]}],"sources_used":[{"credibility":1,"name":"Hxro Begins Testing Crypto Derivatives Trading Platform on Solana — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/07/01/hxro-begins-testing-crypto-derivatives-trading-platform-on-solana"},{"credibility":1,"name":"Hxro Network Announces $34M Strategic Round — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/hxro-network-announces-34m-strategic-round-co-led-by-sig-dt-jump-crypto-and-blockchain-capital-301433917.html"},{"credibility":1,"name":"Solana-based derivatives network Hxro raises $34 million — The Block","type":"news_article","url":"https://www.theblock.co/post/125758/solana-based-derivatives-network-hxro-raises-34-million-in-token-round"},{"credibility":1,"name":"Crypto Derivatives Firm Hxro Raises $15M From Macro Hedge Fund Commonwealth — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2021/06/01/crypto-derivatives-firm-hxro-raises-15m-from-macro-hedge-fund-commonwealth"},{"credibility":2,"name":"Hxro Network Launches Derivatives Alpha on Solana Mainnet — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/hxro-network-launches-derivatives-alpha-on-solana-mainnet-301579743.html"},{"credibility":2,"name":"DeFi Protocol Hxro Launches USDC Collateralized Marketplace — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/defi-protocol-hxro-launches-usdc-collateralized-marketplace-on-solana-mainnet-as-demand-for-onchain-derivatives-surges-301628207.html"},{"credibility":1,"name":"Solana-based Hxro launches bitcoin derivatives marketplace — The Block","type":"news_article","url":"https://www.theblock.co/post/171126/solana-based-hxro-launches-bitcoin-derivatives-marketplace"},{"credibility":2,"name":"HXRO Price — CoinGecko","type":"other","url":"https://www.coingecko.com/en/coins/hxro"},{"credibility":2,"name":"HXRO Price Today — CoinMarketCap","type":"other","url":"https://coinmarketcap.com/currencies/hxro/"},{"credibility":2,"name":"HXRO Network TVL Stats & Charts — DeFiLlama","type":"on_chain","url":"https://defillama.com/protocol/hxro-network"},{"credibility":2,"name":"Hxro Network on Solana — Solana Compass","type":"research","url":"https://solanacompass.com/projects/hxro-network"},{"credibility":2,"name":"Dan Gunsberg — Crunchbase","type":"other","url":"https://www.crunchbase.com/person/dan-gunsberg"},{"credibility":1,"name":"Hxro Network GitHub Organization","type":"official","url":"https://github.com/Hxro-Network"},{"credibility":2,"name":"Derivatives landscape on Solana in 2024 — RockawayX","type":"research","url":"https://medium.com/rockaway-blockchain/derivatives-landscape-on-solana-in-2024-dffbd93e20d7"},{"credibility":2,"name":"HXRO (HXRO) Tokenomics Analysis — CryptoRank","type":"research","url":"https://cryptorank.io/ico/hxro"},{"credibility":3,"name":"What is Hxro Network (HXRO)? — Solsniffer Blog","type":"news_article","url":"https://solsniffer.com/blog/what-is-hxro-network-hxro-project-and-token-analysis"},{"credibility":2,"name":"A Complete Guide to the HXRO Token — Blocmates","type":"news_article","url":"https://www.blocmates.com/articles/a-complete-guide-to-the-hxro-token"},{"credibility":2,"name":"Hxro Network — Messari Profile","type":"research","url":"https://messari.io/project/hxro/profile"},{"credibility":2,"name":"FTX — Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/FTX"}],"summary":"Hxro Network is a decentralized derivatives and liquidity primitive built on the Solana blockchain, providing shared exchange, risk management, and settlement infrastructure for on-chain futures, options, and parimutuel betting markets. The project raised $49 million across two token rounds in 2021 from well-regarded institutional investors including Jump Crypto, Blockchain Capital, Susquehanna International Group, and Alameda Research. While the team is publicly identified with traditional finance credentials and multiple third-party security audits have been completed, the HXRO token has experienced a severe decline from its all-time high, and the network has struggled to achieve meaningful adoption relative to competing Solana derivatives protocols.","timeline":[{"date":"2019-01-01","event":"Hxro beta (then branded as Hxro Games, a gamified binary futures product) launches.","source":"Medium — Q&A with Dan Gunsberg & Rob Levy","source_url":"https://medium.com/@Coin_Shark/q-a-dan-gunsberg-rob-levy-co-founders-hxro-9d268f6d8beb"},{"date":"2021-06-01","event":"Hxro raises $15 million from Commonwealth Asset Management; macro investors Alan Howard and Louis Bacon participate.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2021/06/01/crypto-derivatives-firm-hxro-raises-15m-from-macro-hedge-fund-commonwealth"},{"date":"2021-11-30","event":"Hxro closes $34 million strategic round co-led by SIG DT, Jump Crypto, and Blockchain Capital; Alameda Research, Solana Ventures, Coinbase Ventures, and others participate.","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/hxro-network-announces-34m-strategic-round-co-led-by-sig-dt-jump-crypto-and-blockchain-capital-301433917.html"},{"date":"2022-07-01","event":"Hxro begins alpha sandbox testing of its derivatives platform on Solana mainnet using simulated UXDC collateral.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/07/01/hxro-begins-testing-crypto-derivatives-trading-platform-on-solana"},{"date":"2022-08-01","event":"Hxro Network launches derivatives alpha on Solana mainnet (initial announcement).","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/hxro-network-launches-derivatives-alpha-on-solana-mainnet-301579743.html"},{"date":"2022-09-15","event":"Neodyme completes staking contract audit of HXRO token and governance contracts; no critical issues found.","source":"Hxro Docs (audit reference)","source_url":"https://docs.hxro.network/hxro-token/staking-contract-audit-15-9-2022"},{"date":"2022-11-01","event":"Hxro launches USDC-collateralized derivatives marketplace on Solana mainnet.","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/defi-protocol-hxro-launches-usdc-collateralized-marketplace-on-solana-mainnet-as-demand-for-onchain-derivatives-surges-301628207.html"},{"date":"2022-11-11","event":"FTX and Alameda Research file for Chapter 11 bankruptcy. Alameda was a strategic investor in Hxro's $34M round; no direct operational impact on Hxro was publicly disclosed.","source":"FTX Wikipedia / Timeline of FTX","source_url":"https://en.wikipedia.org/wiki/FTX"},{"date":"2022-11-15","event":"Solana-based Hxro launches bitcoin derivatives marketplace, per The Block.","source":"The Block","source_url":"https://www.theblock.co/post/171126/solana-based-hxro-launches-bitcoin-derivatives-marketplace"}]},"v":1}