Nado

Nado is a central-limit orderbook decentralized exchange built on Ink L2, developed by the team behind Kraken. The platform enables trading in both spot and perpetual markets with up to 20x leverage on major assets such as BTC and ETH. At its core lies a high-performance off-chain sequencer paired with an on-chain risk engine, delivering execution speeds of 5-15 milliseconds while maintaining full self-custody of user assets.

The exchange features a unified margin system that allows traders to use their entire portfolio as collateral across spot, perpetuals, and money markets simultaneously. This dynamic approach automatically recognizes hedged positions, reducing overall margin requirements and maximizing capital efficiency. Traders can execute delta-neutral strategies and basis trades with optimized margin levels that adjust in real-time as positions change.

Nado offers competitive fees with taker rates as low as 1.5 basis points, and maker rebates up to -0.8 basis points across volume tiers. Additional features include the NLP vault for passive yield generation through liquidity provision, money markets for earning on deposits and borrowing against collateral, and professional trading tools such as TWAPs, scale orders, and conditional triggers. The platform plans to expand beyond crypto into equities, commodities, and other asset classes.