New equities perps on Architect’s AX as we begin onboarding individual traders. We built AX for institutions. Our new customers will benefit from the robust liquidity and billions in volume they’re trading, and from their non-negotiable requirement: no ADL or autoliquidation… In under six months of operation, AX is now just behind the top 5 RWA perps DEXs, executing $350M/week, and we’re scaling aggressively. AX’s unprecedented growth is enabled by architectural stability and a rejection of DEX risk management: market-selling failing positions at times of scarce liquidity (auto-liquidation) while tearing up winning positions to cover shortfalls (ADL). This prevents almost every financial institution from trading on their venues and harms their customers, especially individuals. We’re growing AX into the largest global traditional asset derivatives exchange for institutions and individuals, and we’re building it to last.