Veranta v1.25: Competitive Fee Overhaul

Since inception, Veranta has become the #1 exchange for cross-asset leverage on Base (based on TVL and open interest), surpassing $1.4B in cumulative volumes. With v1.25, Veranta plans to become the most competitive exchange in DeFi across all asset classes.

Background

As a fully onchain exchange powered by passive LPs, Veranta launched on Base in February 2024, pricing assets in a way that allows for sustainable growth of LP capital. With over $12M in USDC deposited into our LP vaults, it is now time to enhance utilization of that capital even more and build DeFi’s largest liquidity layer for cross-asset leverage. This is where Veranta v1.25 is a crucial step in the right direction.

Fee Overhaul

v1.25 has an ambitious goal: Make Veranta the most competitive, fully onchain exchange for cross-asset leverage. This is how we’re achieving this:

1. BTC: Zero slippage. Pay absolutely no spreads on a trade, regardless of your trade size.
2. ETH, SOL and Memes: CEX-like spreads, matching the competitiveness of Binance and Coinbase.
3. Crypto (Majors and Memes): Fixed costs (open and close fees) down to 6bps (from a max of 8 bps). A 25% reduction ! Borrow fees down by 50% as well.
4. Other Crypto Alts: Fixed costs down by 33% to 8bps flat (from a max of 12 bps).
5. FX: Top 3 FX pairs now have zero closing fees, and zero slippage! This means traders can potentially enter a trade with their unrealized PNL as positive!
6. Highest Leverage: Up to 500x leverage on FX like USD-JPY, and 100x on crypto (ETH, BTC), to accommodate all types of traders.

To give you an idea of what this practically means, here are two comparisons for spreads (one for $1M BTC long, and one for $100K DOGE long) against the most popular cross-chain perpetuals exchange.

$1,000,000 BTC Long (Zero Slippage): Every dollar counts !

Memes: Trade a $100K DOGE position with only ~4.5bps slippage

Vision

v1.25 is a crucial step towards creating the best leverage trading experience across all asset classes, which will in-turn propel Veranta into the next phase of its roadmap: v1.5, with

• Zero fee perpetuals (pay only from your profits)
• Composable, yield bearing vault token for LPs
• More RWA leverage products (binary options, exotic assets)