Adrena Protocol

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

TVL counts tokens deposited in the Liquidity Pool.

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Adrena Protocol's governance or utility token carries a market capitalisation of 912.218,3 $ based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token (912.218,3 $) above the protocol's on-chain TVL (560.854,1 $) — a mcap/TVL multiple of 1.63× implies investors are paying for expected future fee flows rather than current deposits alone. A further 371.626,6 $ sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Wichtige Ereignisse, die von der DeFiLlama-Community markiert wurden — Protokoll-Launches, Exploits, Governance-Änderungen und Anreizprogramme.

1. Nov 13, 2024
   Auf DeFiLlama gelistet

Adrena Protocol is a Derivatives protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed on Solana. The codebase has been independently audited (1 report on file).

Adrena Protocol is a single-chain protocol, deployed exclusively on Solana — this concentrates execution risk but simplifies the trust model. Roughly 100% of its on-chain value sits on just three networks (Solana, Solana-staking, staking), so a fault on any one of them would affect a large slice of users. Price discovery relies on 2 oracle providers (Chaos, Pyth), which diversifies the data-feed surface but also expands the set of third parties users implicitly trust. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap (912.218,3 $) currently exceeds total value locked (560.854,1 $) — a mcap/TVL ratio of 1.63 suggests the market is pricing in more growth than current deposits support.

Verified external resources for Adrena Protocol — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Adrena Protocol is one of 7 Derivatives protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Jupiter Perpetual Exchange, Hyperliquid HLP, Drift Trade, and 3 more. These peer protocols collectively secure 2,3 Mrd. $ in deposits, giving you a frame of reference for whether Adrena Protocol's own TVL is at the top, middle, or tail of the category.

Jupiter Perpetual Exchange

TVL 910,6 Mio. $ · 24h -0.27%

Hyperliquid HLP

TVL 431,7 Mio. $ · 24h +0.11%

Drift Trade

TVL 334,4 Mio. $ · 24h +0.22%

GMX V2 Perps

TVL 267,5 Mio. $ · 24h -0.08%

Extended

TVL 196,4 Mio. $ · 24h +0.06%

dYdX V4

TVL 125,3 Mio. $ · 24h +0.58%