Gate News, March 24 — Polygon Labs and market maker GSR incubated DeFi scaling chain Katana announced the acquisition of decentralized exchange IDEX and launched the native perpetual futures platform Katana Perps, officially entering the on-chain derivatives market. This deal integrates IDEX’s nearly ten years of matching and trading infrastructure into the Katana ecosystem, marking a strategic upgrade in on-chain trading at the core layer.
Founded in 2017, IDEX previously dominated the early DEX market. Its hybrid order book and automated market maker (AMM) architecture serve as the foundation for Katana Perps. The new platform unifies spot liquidity, perpetual contracts, and order flow routing, achieving matching efficiency closer to centralized platforms while retaining on-chain custody and settlement advantages.
Katana CEO Matthew Fisher stated that as the crypto market moves toward 24/7 trading, infrastructure with high-performance matching and on-chain clearing will become a key competitive advantage. He also noted that recent changes in US regulatory attitudes toward perpetual contracts provide a critical window for on-chain derivatives development.
In terms of product structure, Katana has built a complete DeFi tech stack, including Sushi (spot), Morpho (lending), Kensei (issuance), and Katana Perps (derivatives), with revenue sharing enabled through the KAT and vKAT token models. In the future, vKAT holders will be able to participate in liquidity incentives and share in derivatives trading fees, further strengthening the on-chain economic cycle.
Notably, Katana Perps launched with support from market makers such as GSR, Selini Capital, and Auros, boosting initial liquidity and depth. This move comes amid intensifying competition in on-chain perpetual contracts, with platforms like Hyperliquid, dYdX, and GMX vying for institutional and high-frequency trading capital.
This acquisition sends a clear signal: the next phase of DeFi competition has expanded from single applications to control of underlying trading infrastructure. By integrating a derivatives engine, Katana aims to dominate on-chain liquidity and revenue distribution, positioning itself advantageously in the evolving market structure.
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