Welcome to the second blog post in our series on the core value proposition of Deriverse, a fully decentralized, permissionless & self-custodial trading platform on Solana, with perps, spot, options, futures & tokenized assets launchpad, optimized for minimizing transaction failures & fees, catering to professional trading firms & qualified retail. In this post, we’ll dive deeper into one of the key components of our platform: the fully on-chain orderbook, and why it sets Deriverse apart in the world of decentralized trading.

A Revolutionary Orderbook - Fully On-Chain and Built In-House

One of Deriverse’s standout features is its fully on-chain orderbook, which has been developed in-house from the ground up. Unlike other platforms that rely on pre-existing infrastructure such as OpenBook v2 or depend on off-chain components like liquidators or keepers, Deriverse’s entire trading infrastructure is developed from scratch & 100% on-chain. This unique setup ensures that Deriverse operates independently of off-chain dependencies and is truly decentralized. With no reliance on intermediary agents or centralized components, our platform eliminates vulnerabilities and risks associated with traditional liquidators or keeper systems. Additionally, the Deriverse team has 0 admin control, making the protocol immune to centralized interference or exploitation.

The Advantages of a Fully On-Chain Trading Protocol

By choosing to build a fully on-chain orderbook, Deriverse brings several significant advantages to traders:

1. True Decentralization: Many platforms still rely on off-chain components, such as liquidators or keepers, which create centralization points within their protocols. Deriverse avoids this by keeping all trade execution, liquidation, and management processes on-chain. This approach offers a higher level of transparency, security, and trust for our users.

2. Elimination of Liquidation Risks: In traditional setups, liquidators or keepers handle liquidation risks. These agents are responsible for absorbing the risks associated with liquidated positions. If they fail to fulfil their obligations, the exchange and its traders suffer financial losses. Deriverse’s fully on-chain liquidation system ensures that there are no intermediaries to shift risks onto, eliminating this vulnerability entirely.

3. Immunity to Exploits: Deriverse’s on-chain infrastructure protects the platform from attacks similar to the one on Hyperliquid in March 2025. In that incident, Hyperliquid’s off-chain system allowed attackers to exploit its liquidation mechanisms, shifting risks onto intermediary agents and causing significant losses. Deriverse’s architecture ensures such vulnerabilities simply cannot exist.

4. No Admin Role: At Deriverse, decentralization is at the heart of everything we do. Our protocol is designed to run autonomously, without any administrative role for the founding team. This means the system cannot be manipulated or controlled by a central authority, further solidifying trust in our platform.

The Hyperliquid Case: A Lesson in Centralization Risks

To understand the importance of Deriverse’s approach, let’s take a closer look at the Hyperliquid exploit. Hyperliquid, like many other platforms, relies on off-chain liquidators to handle liquidation risks. When a user’s perpetual swap position is liquidated, it isn’t handled on-chain. Instead, the position is transferred to a balance sheet managed by a liquidator—a special agent tasked with absorbing the liquidation risks. This off-chain dependency introduces a major centralization factor. If a liquidator defaults on their obligations, the protocol and its users bear the losses. This is exactly what happened with Hyperliquid in March 2025, when attackers exploited the system, exposing its weaknesses and causing significant financial damage. Deriverse, on the other hand, handles all liquidations on-chain and without any intermediary agents. This fully decentralized approach means that no external entities are responsible for bearing liquidation risks, making our protocol immune to the kind of exploit Hyperliquid experienced.

Why Deriverse’s Fully Decentralized Approach Matters

The foundation of Deriverse is built on the principles of decentralization, permissionless access, and user sovereignty. By minimizing reliance on off-chain infrastructure and eliminating centralized components like liquidators or keepers, we are delivering a trading platform that is:

• More Secure: On-chain liquidations and order management eliminate vulnerabilities created by off-chain dependencies.

• More Transparent: All transactions and liquidations occur on-chain, ensuring complete visibility for all participants.

• More Reliable: With no central agents or intermediaries, there are no single points of failure.

• Truly Decentralized: The absence of admin roles and centralized control ensures that Deriverse operates autonomously, governed by smart contracts and the community.

Deriverse: Redefining Decentralized Trading

Deriverse is more than just a trading platform—it’s a paradigm shift in how decentralized trading is designed and executed. By building a fully on-chain orderbook and eliminating off-chain dependencies, we are addressing the limitations of traditional systems while ensuring a safer, more transparent, and truly decentralized trading experience. Stay tuned for the next post in this series, where we’ll explore more core features of Deriverse and how they empower traders on Solana. In the meantime, join our community and be a part of the decentralized revolution today. Let’s build the future of trading together!

Thank you for shaping the future of decentralized derivatives trading with us! Stay tuned for our next article! Please consider giving us a follow on X or join our Discord server.

👉 Follow us on X: https://x.com/deriverse_io

👉 Join our Discord: https://discord.gg/2bWzKRS3SN