Extended, formerly X10 is progressively opening up access to its hybrid derivatives market to users of all levels. The team reported that $300 million worth of trading was done during an invite-only launch.
Its key offering will be the unified margining portfolio, which allows traders to trade perpetual and spot contracts with one collateral pool. Unified margining may be common in the traditional financial world, but it is not yet widespread in DeFi. Extended boasts low-latency (10-20ms), which is comparable with centralized exchanges. It’s achieved via centralized processing of orders and onchain trustless settlement.
The StarkEx platform is the technology that StarkWare uses to support this system. This was also used by dYdX before launching their own chain.
Extended plans to migrate Starknet to the Trust-Minimized Architecture, says CEO Ruslan Fakrutdinov.
“Based on our reviews and assessments, [StarkWare is] at least years ahead of anyone else, technologically,” Fakhrutdinov is the former Head of Crypto Operations at Revolut.
“For us, blockchain is just a settlement layer,” Fakhrutdinov emphasized the platform’s approach that is chain-agnostic. “As long as it has the infrastructure for trustless settlement, we can always settle and migrate if necessary,” He said.
Extended has a unique feature in that the user collateral will never be mixed with other users’ funds, not even when it launches its liquidity vaults at the beginning of 2025. In Extended, funds are kept in separate sub-accounts linked directly to the contributors. This is reflected by onchain settlements. Extended is different from other platforms, like Hyperliquid that pool money under one central manager. Extended mitigates the legal risk and keeps transparency.
The vaults can be treated for the sake of efficiency when centralized processing is performed, but transactions are split during settlement.
Fakhrutdinov credit “asynchronous, parallelized settlement,” The key to low-latency trading is “on par with a centralized exchange”.
Extended does not have a token but has raised $6.55 million in the past year. It plans to introduce a point program very soon.
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