Adrena

Adrena appears to be shutting down. On 27 August 2026, the official Adrena account told users that Autonom "will no longer be supporting Adrena." It asked traders to stop trading, close any open positions and remove their liquidity. The post said keepers and oracles would stay active for another two to three weeks, "after that, the platform will cease to function." Anyone still holding a position or ALP should treat the protocol as discontinued and withdraw any funds that are still reachable.

What Adrena was

Adrena was a decentralized, open-source perpetual futures exchange on Solana. Traders could open long and short positions with up to 100x leverage while keeping their own funds. According to its website, there was "no spread, no slippage": the oracle price was the entry price. The design followed a peer-to-pool model inspired by GMX. Traders traded against one shared multi-asset liquidity pool, not against order-book counterparties. Anyone could deposit assets into that pool.

The protocol used two tokens:

• ALP was the liquidity pool token. It represented a share of the pool, so its value moved with trader profit and loss and with the prices of the pooled assets. It also earned fees.
• ADX was the governance token. Holders voted in the Adrena DAO, and staked ADX earned a share of fees paid in USDC. Locking ADX for longer earned extra yield and more voting weight.

The website set fee revenue at 70% to ALP holders, 20% to ADX stakers and 10% to buying ADX on the open market. The documentation described principles of sharing all revenue with token holders, emitting tokens on a fixed linear schedule and raising as little outside money as possible. Governance used a "shadow token" system. Team and early-contributor tokens stayed locked but could vote, and voting power was meant to move to the community gradually as ADX was emitted. Adrena also ran trading competitions and a referral program.

Security

The documentation lists a completed audit by OtterSec and says the codebase is fully open source, with the code published on GitHub. An independent write-up reports interim and full OtterSec audits and an Immunefi bug bounty of up to $250,000 for critical bugs. In Q1 2026, security firm Fidesium ran two engagements on the Anchor program, which has about 36,000 lines of Rust. One of them reviewed the migration from v38 to v39. Fidesium reported 1 critical, 3 high, 8 medium and 2 low findings. The critical-class issue involved oracle ingestion, where stale price signatures could be accepted. Fixing it required stricter timestamp validation.

History

Original run and maintenance mode. On 12 November 2025, Adrena said it was entering maintenance mode. It cited difficulty raising money and heavy competition among Solana perps venues. The team said it had processed about $8 billion in trading volume and earned about $10 million in fees over the previous year. It stopped building new features but kept the liquidity pool, staking, token unlocks and data services running. It also said it had never sold team tokens and planned to open-source its front end and back end for the community. According to the independent write-up, the founding team had self-funded more than $2 million. At its peak, Adrena ranked third among Solana perps exchanges by weekly volume.

Relaunch with Autonom. In early 2026, Adrena relaunched with Autonom, a price-oracle provider for real-world assets (RWAs), with the aim of adding perpetuals on traditional markets. Fidesium describes the protocol in this period as run by the Autonom Foundation and live on Solana mainnet. By July 2026, Adrena listed crypto markets with up to 100x leverage and commodities and US equities with up to 25x. Markets included SOL, BTC, BONK, gold, silver, oil, NVDA and the SPX500 index. The relaunched protocol ran "The Forge," a six-week trading competition with a $15,000 prize pool that ended in early July 2026. It also opened an ambassador program that paid a 1% referral commission.

Wind-down. Less than two months later, the 27 August 2026 announcement said Autonom was withdrawing its support and the platform would stop working after a short grace period. No further development or replacement operator had been announced as of this writing.