Day One For The N1 Exchange

Today marks day one for the N1 Exchange, the exchange protocol built directly on the N1 network. It now runs on Nord Nova, a new framework built to scale efficiently as more markets, liquidity, and trading volume come onto N1.

Several upgrades have already been developed and will enter public release gradually, starting with RFQ markets and N1 Points today. Over the coming weeks, we will ramp up liquidity, release more markets, move equity perpetuals and Vaults into public access, and open N1 Mobile to its first users.

We are building N1 to become the most capital-efficient exchange in the world.

Market structure and price discovery

CLOBs are central to the exchange and our plan to become a primary venue for price discovery across all financial assets. RFQ adds a second execution path for markets where continuous two-sided quoting would use the balance inefficiently. Market makers can quote on demand without fragmenting liquidity across thin books, while the orderbook remains the center of price formation. Together, they move us toward one goal: make every market tradable here with the deepest liquidity, as quickly as possible.

With this upgrade, we are releasing more than 10 new markets:

DOGE, BNB, UNI, TAO, ONDO, PENGU, kPEPE, FARTCOIN, MON, VVV, ZRO, MORPHO, and AERO.

More listings will follow over the coming weeks as we ramp up liquidity with new market makers. Some markets will grow into orderbooks. Others are better served through RFQ. The aim is to use the structure that makes each market trade best.

Liquidity over the coming weeks

Liquidity has been one of our first priorities for the exchange. We brought in new market makers and have already increased liquidity by more than 5x on majors.

That is still a tiny drop in the bucket relative to where we plan to take the exchange. Over the coming weeks, we will keep ramping up liquidity across the exchange and increasing competition for flow. We want more traders to be able to move meaningful volume here.

More liquidity also widens what we can list. Equity perpetuals and Vaults are being tested internally now and will move into public access over the coming weeks. Beyond them are markets that have never traded onchain, including some that have never been directly tradable anywhere.

N1 Points

Building the exchange is only half the job. Its value comes from the traders who bring liquidity, activity, and new markets to life. Starting today, we are launching N1 Points to reward the users making that possible.

Season 1 will distribute 75 million N1 Points each week for 26 weeks. Two retroactive weeks will distribute another 37 million Points in total.

Points also drive progression through Levels, Divisions, and Momentum. Levels and Divisions reflect a user's progress across the season. Momentum recognizes consistent weekly activity and increases a user's share of the weekly distribution.

Invite codes are live again through N1 referral links. Each link is tied to an N1 username, and the referral is recorded when a new user creates an account through it. Referrers receive a base contribution equal to 10% of the referred user's eligible, non-referral Points each week.

N1 Points will unlock future rewards across the N1 network. We are not planning to continue the program beyond Q2 2027. It may conclude earlier, and the final timing will be communicated before accrual ends.

Note for 01 users: 01 Points will be converted when the N1 Points program concludes. The conversion rate will be determined then. More information will be shared in the N1 Discord.

N1 Mobile

Alongside the exchange, we have built N1 Mobile, a dedicated mobile app for professional traders. It is available on the App Store and Google Play, with access rolling out to a selected group of users over the coming weeks. We genuinely believe it is the best mobile trading app in the category. If you trade actively and want early access, reach out.

RFQ markets and N1 Points are today’s first public releases. Over the coming weeks, equity perpetuals, Vaults, portfolio margining, and N1 Mobile will open to more users, liquidity will continue to ramp, and we will introduce markets and features that have not existed on traditional exchanges.

The end state is the most capital-efficient exchange in the world, with one balance supporting a much wider universe of markets. RFQ, portfolio margining, Vaults, and the liquidity coming onto N1 are all parts of that system. We are bringing in institutional liquidity as we build, because capital efficiency only matters if traders can deploy meaningful size.

All of our time and resources are going back into that work. If you trade on another venue, we are happy to match your current fee tier and set you up with dedicated support. Reach out, move some flow, and tell us exactly where the product falls short.