Everyone wants to fix DeFi’s UX. Nobody wants to admit the backend is a dumpster fire. @Jetstreamtrade doesn’t just feel better. It clears better. That’s how you build something for real traders.

Not another one. @GMX_IO exploited for $40M — fast, surgical, unstoppable. Audits didn’t help. TVL didn’t matter. DeFi needs circuit breakers, not just code reviews. That’s why we built @PascalClearing + @Jetstreamtrade with real-time supervision at the protocol level. 🧠 Blog → “Not another one: GMX, $40M, and the Road to DeFi Adoption” jetstream.trade/blog/gmx-exp… #DeFi #Jetstream #PascalProtocol #SmartContractSecurity #OnchainClearing🔗

Over the past few months, we hit a few hurdles. A late-stage exploit attempt shook some investor confidence. So we paused our plans, tightened security, and took a long, hard look at the bigger picture.

Cvexians: This morning we took the decision to suspend the market. Last night there was an issue in the margin calculation on the market that led to losses for some customers. This was a small amount at around $10k in total. Through our investigation we found that under very specific circumstances liquidations were forced to happen at the wrong rate due to a miscalculation in the required margin for limit orders. Whilst the impact on client funds was small our reserve processes stepped in and covered losses, but also used these reserves. Under advice our market maker suspended, withdrew collateral and we paused the market. We will restart later today and the market maker will rejoin. Those client accounts will be reset to not have received liquidations at unrealistic prices. To prevent an unbalanced book and to be as fair as possible we will settle all the Open Interest at the mark price. We are looking at whether this should be at the start or end of the incident. At our current growth point this is possible, will make users whole, remove the exposure for anyone who was short, and prevent longs from being inappropriately liquidated with unexpected losses. It is not possible to pick a perfect price for all, but there would have been further liquidations so we won’t be retrospectively adjusting accounts after this reset. We will inject the missing balance to customer accounts. We have learnt where these issues are and are subject to vote by our provisional pre-TGE DAO and then we expect to deploy this immediately. We wanted to do this to make sure that no further customers were impacted. At the moment there are no requirements for actions from users, as soon as we bring the market back online you can log back in and join in again as we restore the market. Our platform exists to set a higher standard for transparency and user protection. Incidents can occur on any path to scaled decentralisation; when they do, we will act quickly and openly to safeguard users via the mechanics we have established. We are proud of what we have built and the speed of response to protect users here. Having worked on dozens of markets across asset classes our work here to automate and make all these processes transparent and capital efficient is going well. It is a journey, and the response of the team today to make this as smooth as possible has been great. Back to getting TGE done. @cvex_xyz

Wen token? As soon as we can. We wanted it launched already. We’re ready. But we’re aligning final terms with partners, and when we launch, it’ll be in a way that benefits the entire ecosystem. This token doesn’t kickstart CVEX, it expands it. The protocol is already live: smart clearing, on-chain risk, portfolio margin, and a full derivatives stack are working now. March expiry contracts alone settled with over 160,000 trades — and if you include April expiries, that number more than doubles. Real usage. Real traders. And we’re seeing the right behaviours: spreads, not just outrights. High wallet retention. High return rates. Solid funding flows. No token incentives. Just a product that works. 460 users rolled their positions from March to April. In the “retail won’t understand futures” debate, futures won — not a single issue or negative comment. With no funding fees, lower costs, and margin offset, adoption proved no problem. The token is coming. And it’s designed for purpose. It will be very, very soon. The token will yield stablecoin from protocol fees once staking is activated via a DAO vote. There will be no inflation, no gimmicks, and no issuing massive numbers to pump the figures. Just 20% of all transaction fees will be allocated to reward active governance participants. That’s a real reason to hold and get involved, not just speculate. We’ve held off launching until we could do it right, no rushed listings, no mismatched incentives, and no room for centralised interference. We’ve all seen what happens when protocols get that wrong, when decentralisation isn’t real, when the project is more hype than benefit, and when reducing capital needs is less important than just repackaging of the same product with different marketing. This isn’t a delay. It’s strategy. Thanks to everyone asking “wen token.” The answer is soon - very soon. And when it lands, it’ll be ready to go the distance. We can’t put a date on it because it's not just our decision, but very soon is our plan. As soon as we can.