Decibel launches fully on-chain derivatives exchange on Aptos with cross-chain support and incentivised trading

Decibel, incubated by Aptos Labs, has launched a decentralised perpetual derivatives platform on the Aptos mainnet, featuring on-chain risk management, cross-chain deposits, and an expanding asset ...

Decibel, a perpetual derivatives decentralised exchange incubated by Aptos Labs, has gone live on the Aptos mainnet, marking a push to bring fully on‑chain derivatives trading to the network while promising the latency and throughput associated with modern Layer‑1 chains. According to The Defiant, the protocol launched alongside an incentives programme designed to reward active traders and said it will expand from perpetuals into spot and tokenised real‑world assets over time. (Sources: Cryptobriefing, Daily Hodl)

The platform runs a central limit order book with its matching, settlement and risk management executed on‑chain, allowing users and auditors to inspect functions such as auto‑deleveraging on the ledger. According to reports, Decibel’s architecture places its risk engine on‑chain to make liquidation and margin logic transparent, and the exchange will use a protocol‑native dollar‑pegged stablecoin, usDCBL, issued via Bridge, as primary collateral. (Sources: Cointelegraph, KuCoin, CryptoBriefing)

During public testing the project attracted substantial on‑chain activity: media accounts note more than 700,000 unique accounts accessed the testnet and the system processed in excess of one million trades per day, while on launch observers recorded tens of millions of dollars in deposits and several million dollars of trading since mainnet opening. DeFi analytics show the protocol has also accumulated tens of millions in TVL. (Sources: KuCoin, CryptoBriefing, Daily Hodl)

Although built on Aptos, Decibel supports cross‑chain deposits by using X‑chain accounts to accept capital from Ethereum and Solana, a feature that according to industry coverage accounted for a meaningful share of pre‑mainnet deposits. The team says that bridging liquidity from other chains will be important to bootstrapping order‑book depth as the exchange brings new markets online. (Sources: KuCoin, CryptoBriefing)

The roadmap begins with perpetuals before moving to spot markets and tokenised RWAs, an approach taken by several competitors seeking cross‑asset capital efficiency. According to Aptos’ ecosystem materials, Decibel aims to combine the execution performance of centralised venues with DeFi’s composability, and the foundation has framed use cases that include using tokenised treasuries, equities or commodities as collateral to margin crypto or equity positions. (Sources: Aptos Network, KuCoin)

The launch comes at a moment of still‑elevated interest in perpetuals: industry trackers report that perpetual trading volumes have stayed large in recent months even if activity cooled from late‑2025 peaks. Decibel’s team has emphasised that transparent on‑chain risk controls and incentives are intended to convert testnet interest into sustainable liquidity, while acknowledging the market will remain competitive as other projects pursue tokenised real‑world assets and integrated margin products. (Sources: CryptoBriefing, Daily Hodl)

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Source: Noah Wire Services