AdrenaPrice

(ADX)

In late 2025, Adrena entered "maintenance mode," shifting toward an open-source model. While the core team has halted the development of new features due to intense competition from other major Solana-based decentralized exchanges and funding challenges, the protocol remains active. Staking, liquidity pools, and trading functions continue to operate, and the move to open-source allows for potential community-led governance and future development.

Adrena operates a dual-token system. ADX serves as the governance token; staking it provides voting rights and entitles holders to 20% of protocol revenue. ALP is the liquidity provider token, representing a share in the platform's multi-asset pool. ALP holders receive 70% of protocol revenue. The remaining 10% of fees are sent to the DAO treasury, which is used for ADX buybacks to support the ecosystem's tokenomics.

Adrena is designed to return 100% of its fees to the community. The distribution structure allocates 70% to ALP holders, 20% to ADX stakers, and 10% to a DAO treasury. Rewards are distributed every six hours. To maximize returns, users often seek to compound their rewards, sometimes utilizing community-made automation tools to restake their earnings without manual intervention.

Adrena employs a peer-to-pool model, where users trade against the ALP liquidity pool instead of a traditional order book. Using decentralized oracles for pricing, the platform facilitates large trades with zero slippage. A standout feature is the 0% opening fee for trades. The protocol primarily generates revenue through closing and liquidation fees, typically between 0.14% and 0.16%, alongside borrow fees based on asset utilization.

Unlike many platforms that use points systems, Adrena distributed ADX tokens directly via the Genesis Liquidity Program and trading competitions. These incentives were designed to reward active traders and liquidity providers. Many of these rewards are subject to a six-month lock-up period followed by a linear vesting schedule to ensure the stability of the token ecosystem during the transition to community-led phases.

The protocol was audited by security firms, with identified issues addressed in technical updates. Because the smart contracts are immutable and the front-end code has been open-sourced, user funds remain accessible. Even though the original team is no longer pushing new updates, the decentralized nature of the platform ensures that users can safely withdraw liquidity and manage their positions independently.