RISEx has officially kicked off its public loyalty program Ignite: Season 1, following an invite-only beta phase that saw over $3 billion traded on its platform. The fully on-chain perpetuals exchange, built on the high-throughput RISE Chain and backed by Galaxy Ventures and Vitalik Buterin, is now moving beyond testing into a full ecosystem rollout aimed at expanding user engagement and future token distribution.
solid Growth During Closed Beta
During the three-month invite-only beta, RISEx managed to attract substantial institutional-grade liquidity and user activity. The platform recorded more than $3 billion in cumulative trading volume and over $26 million in open interest. also total value locked (TVL) exceeded $15 million, with more than 15,000 users registered through a merit-based referral system. These numbers reflect strong organic growth and a solid foundation for the upcoming public rewards phase.
Innovative Rewards Model Focused on Community
Unlike many competitors, RISEx commits to channeling 100% of its RISE points directly to its active users, including traders, liquidity providers, and builder integrators. This approach aligns incentives within the venue where actual trading and network activity happen, rather than dispersing rewards across a fragmented ecosystem. CEO Sam Battenally emphasized that the team prioritized engineering a stable and performant exchange before launching any incentive programs, aiming to avoid superficial boosts that fail to build lasting liquidity.
The launch of Ignite Season 1 marks a key step as RISEx transitions into global growth mode, leveraging advanced features like cross-asset netted-margining and native real-world asset trading. This timing coincides with a broader market shift where decentralized perpetuals are rapidly capturing market share from centralized exchanges.
The launch reflects a trend similar to the rise of decentralized derivatives platforms gaining traction at the expense of traditional venues.
