At first it was only a mobile app: I thought the project was useless for me. But it turned out there is a beta version of the web interface. So I decided to analyze the project.
There is no link to the team page or LinkedIn on the website.
But I found out that the Liquid project was developed by a team of highly qualified specialists from New York with significant experience in quantitative trading and artificial intelligence.
Through AI and search, I found LinkedIn of the Liquid founder:
He also has publications. For example, the latest one with 7 reactions and 1 comment. The previous one, which was 3 months ago, received 338 reactions, 38 comments and 4 reposts.
Work experience:
Chief Executive Officer at Liquid since March 2025
Quantitative Researcher at Two Sigma from July 2022 to February 2025
Software Engineering Intern at You.com from December 2021 to January 2022 (internship)
Quantitative Analyst Intern at The D. E. Shaw Group from June to August 2021
Head Instructor at Summer STEM Institute (SSI) from June to July 2020
Modelling Intern at Two Sigma from May to July 2020
And another (total 12).
Education:
Harvard University: Master of Science - MS, Computer Science 2021 - 2022
Harvard University: Bachelor of Arts - BA, Mathematics 2018 - 2022
Thomas Jefferson High School for Science and Technology: Advanced Studies Diploma from 2014 to 2018
Franklin's professional experience is well-suited for his role at Liquid. Several years as a quantitative researcher at Two Sigma and internships at D. E. Shaw have given him quantum thinking and market understanding.
A double degree from Harvard in mathematics and computer science provided a strong foundation in machine learning and engineering. This is important for developing a perp DEX aggregator and order execution algorithms.
Through him, I found the company profile of Liquid:
There is also a post 3 months ago with 47 reactions and 6 comments.
Work experience:
Founding Engineer at Liquid since October 2025
Software Engineer at Mercury from May to September 2025 (internship)
Data Entry Specialist at FreshPoint, Inc. from October 2024 to May 2025 (Part-time)
Founding Software Engineer at Direct'r from September 2023 to September 2024
Software Engineer at Amazon from June to September 2021 (internship)
Also interned at Electronic Arts (EA) and RBC as a Software Engineer
Education:
The University of British Columbia: Bachelor of Science - BS, Mathematics from September 2017 to May 2023
Georgia Institute of Technology: Master of Science - MS, Computer Science from April 2024 to April 2026
William's experience seems relevant for the founding engineer role: several engineering roles and internships at large companies (Amazon, EA, RBC) and working as a founding software engineer at Direct'r gave him both production development experience and an understanding of startup processes.
1,970 followers, last post 9 months ago with 104 reactions.
Previous - 11 months ago with 112 reactions, 9 comments, and 2 reposts.
Work experience:
Interestingly, the position at Liquid is not specified. Only "Bringing the cost of conviction to zero"
Same with Deskhead - no role there.
Quantitative Trader at Susquehanna International Group from August 2023 to April 2024
Quantitative Trading Intern at the same company from June to August 2022
Lifeguard at Continental Pools from May 2017 to August 2021
Food Server at Paul's Deli & Neighborhood Restaurant from June to September 2019
Education:
Prod:
Dartmouth College: Bachelor of Arts - BA, Mathematics from 2019 to 2023
Jamestown High School from 2015 to 2019
New Horizons Regional Education Centers: Engineering from 2017 to 2019
I don't see him explicitly stating a role in Liquid, so I can't properly assess how formally his experience is tied to the product. But he has a strong quantitative background (Susquehanna, mathematics at Dartmouth), and his activity and engagement in communication around the idea of "bringing the cost of conviction to zero" seem like a plus.
1381 tracking.
Last post 3 months ago with 26 reactions and 3 comments.
Previous one was 8 months ago with 18 reactions.
Work experience:
Founding Product Engineer at Liquid since September 2025
Product Engineer & Technical Product Manager at The Fourth Effect from September 2023 to September 2025
AI & UX Strategy Consultant (Side Project) at MySideKick from June 2024 to March 2025 (freelance)
Software Developer (Side Project) at Quikirr from May to June 2024 (part-time)
Research Assistant at Yale School of Management from June to September 2023
Member at Rewriting the Code from January 2019 to September 2023
Intern at Tobin Center for Economic Policy at Yale · Internship from June to August 2021 (internship)
Data Science Intern at Identifor, Inc. from June to August 2020
Sasha's experience aligns well with the role of founding product engineer at Liquid.
She combined product engineering and tech product at The Fourth Effect, consulted on AI and UX, worked with data, so she has experience in products, interfaces, and analytics - everything important for such an application.
352 followers and 2 comments - no posts from him.
Work experience:
Founding Product Manager at Liquid since August 2025
Tutor at Brick and Ivy from July 2022 to December 2023 (part-time)
Founder and President at A Dollar Makes a Scholar from September 2019 to December 2023
Tutor at Research Science Institute (RSI) from June to September 2023
Certified Nursing Assistant at Newton-Wellesley Hospital from March 2020 to June 2022 (part-time)
And other experience (total 17). Of interest - Counselor at Research Science Institute (RSI) from June to August 2019
Education:
Harvard University: Molecular and Cellular Biology, Global Health and Health Policy from August 2018 to May 2022
University of Chicago: Master's degree, Computer Science/Data Science in September 2023
Sharon High School: High School Diploma from August 2014 to June 2018
Indumathi's experience seems less directly related to product and trading than the rest of the team: she has a strong academic background in biology and data science (Harvard + University of Chicago) and a lot of experience in teaching and non-profit initiatives, but almost no explicit product or fintech roles, so it is difficult to assess her as a product manager in the context of Liquid based on her open profile.
X @liquidtrading with 26.5 thousand subscribers and 1,815 posts can be considered active and more or less popular:
This is confirmed by the fact that the last post at the time of writing the article was 5 hours ago, and it received 12 replies, 4 reposts, 45 likes and 1,842 views. Of course, not much, but not a little either.
The previous post was on February 11 (yesterday), and received 22 replies, 7 reposts, 182 likes and 43,268.
According to Sorsa, score 1010 (+2). Tier 4 - Significant, which well reflects the quality of the account.
Among the projects subscribed to them are moonpay, CoinMarketCap, Lighter and others (I listed the most well-known).
Among the funds - Robot Ventures, eGirl Capital 仙女資本, Galois Kevin, ROK Capital, Soap Capital and others.
Moni score for the project is 5908 (Level: 5. Medium) - this is a significant level. 456 smart contracts.
From the funds according to their data, only fourthrevolution.capital has signed up, and there are 6 projects (all unknown, except for CMC).
Instagram unfortunately, I can't open it for some reason, so I can't analyze it. But according to AI data, the account has 141 subscribers, 106 subscriptions, and 0 posts. The description only has the slogan "Perps in your Pocket", so it's impossible to judge the activity, engagement, and audience work based on this profile right now.
But maybe that's not the case.
Youtube is also weak (only 31 subscribers and 6 videos):
And that's it - shorts.
Telegram chat:
The link above opens a channel with a bot to join.
And here is the chat itself:
After a few hours, they allowed writing, but there are not many questions asked there.
There is Frank in the chat, which gives hope for a response, so I asked a question. But they haven't answered yet.
As you can see from the search results, my questions were not answered. Only one participant referred to an AI bot, but it replied that the limit was exhausted.
The conversation in the Lounge chat goes:
But overall, this is not questions and answers, but spam.
In work (the channel with tweets), they publish:
In "Content", they less frequently share images and videos:
In Research, they post articles:
In Bugs, they write, but there seem to be no answers. Overall, the team advises opening a ticket, so this is normal. But then they should have disabled this chat:
The last message in Updates is from February 6:
And in the community news, it's December 13:
In Events, the last messages are from today:
It's a pity you can't subscribe. Although most of the events here are about games, which I'm not interested in.
Rating 3 out of 5: the team exists and most of the listed members are professionals (and these are just the main people). It's bad that there's no link on the website (I had to search for it myself).
Activity in Discord, X and LinkedIn is good. But they didn't answer substantive questions about architecture and aggregation. However, they helped with a specific bug when topping up through the mobile app (see details in the relevant section about practice in the mobile app) in the Bugs chat: they suggested clearing the cache and re-entering. After that, it became clear that the problem was due to an old session with a different wallet.
There is documentation https://docs.tryliquid.xyz/, but for users it is more:
Liquid positions itself as the perfect financial super-app. The project combines the capabilities of a CEX with the advantages of decentralization. This refers to the speed of operation, user-friendly interface, and greater liquidity due to DEX aggregation (when multiple decentralized exchanges are supported, there is more liquidity and more benefits for the user).
It's cool that the app works on both smartphones and the web version.
Another feature is the news feed, which allows you to trade assets related to the news you read.
As I mentioned earlier, Liquid is not a separate DEX, but a tool for their aggregation. This allows users to get more benefits by choosing the best trading offers.
The project currently supports
Hyperliquid for spot and PERPS markets. It is the main partner thanks to builder codes that provide profit to applications
Lighter, used as an additional source of liquidity. This DEX supports both spot and perps markets, but there is no information about supporting their spot markets in Liquid: only perps.
Ostium - the leading decentralized exchange for trading real-world assets (RWA) through perpetual contracts.
Based on public information, Liquid appears to be a frontend overlay on top of several DEXs, but the documentation does not explicitly state this, and there are no details about the aggregation.
All funds are held in user wallets on the respective blockchains: Liquid does not store them.
All transactions are executed transparently on-chain on the respective through integrated dexes.
The application is optimized for mobile devices. Thanks to this, it offers an interface that is not inferior in convenience to modern fintech applications.
You can trade spot assets without commissions. As everywhere, they can be selected from the top or searched via search. BTC, ETH, SOL, and HYPE
You can read about this on the page Trading in the documentation.
On the same page, it is stated that there is the possibility of trading with a multiplier of up to 40X the amount. For example, invested $2500 and received BTC for $100,000.
Also, you can only lose the entire amount invested in the position if the price drops by 20%, if you made a long with a 5x multiplier. They write this as a feature, but in reality, the same tool exists on other perp dexes with isolated margin enabled. The risks are usually taken by the protocol, not by taking the user into the negative.
Liquid is positioned as a solution with one of the lowest fees for takers (buyers). This information is provided on the main page of the documentation and in the Twap.
Before opening a trade, the risk and exposure (position size in the base asset and possible loss on it) are visible. This can be found out on the main page of the project's website.
There are TWAP orders (Time-Weighted Average Price). They allow you to split a large trade into smaller parts, executing them with randomization over time. This avoids significant slippage and losses due to front-running (when an order is read, making the trade less profitable = manipulating execution). About this on the page about TWAP.
There is convenient setting of Take Profit and Stop Loss: you can set levels in numbers or through a visual interface before and after opening a trade. Source:
This is a section with a real news feed integrated into the application.
Imagine:
You log in and see a news story about the potential for BTC to grow to $100,000. Or that now is the bottom.
Right there, you choose to "short" if you think it's the right action, and wait for profit 😊.
They write that traders can react to news by swiping left or right, and the offer can express the chosen trend in the market. I think this is more about smartphones, as it's not very convenient in the web version.
Also interesting is that users can add their own feeds. This allows you not to depend on the selected list of media, which may be considered lying by the user. However, the documentation says it's just a filter by topic. In general, I hope we'll figure it out in practice.
Source - page "User channels".
Note that each card displays the number of votes "for" and "against". This data comes from Liquid users who voted before you opened the news feed.
It's good that there is both finger movement and a "Deal" button under the news card. This is mentioned on the page about trading on news.
The user receives half of the fees generated by invited friends. Referrals, in turn, get a 10% discount on fees.
The more friends join Liquid using your referral code, the more you will earn.
The functionality is available in the "Rewards" and "Referrals" sections. This is mentioned on the page about attracting traders.
There is a separate page about this - Fees.
It explains that the project takes up to 0.05% (5 bps) commission from users, and the exact amount depends on which exchange the transaction is conducted through and what the user's 14-day trading volume is.
For Hyperliquid, spot trading through Liquid is without markup: the user only pays Hyperliquid commissions, Liquid does not take anything on top. For perpetuals, Liquid adds an additional 0.05% commission on top of Hyperliquid's base fees.
Interestingly, they use the total 14-day volume (perpetuals plus spot) to calculate the commission level, with the spot volume counted with double weight.
For Ostium, everything is arranged differently. Commissions are taken when entering a position, not when exiting. It is important that Liquid adds 0.05% on top of Ostium's commissions on all trades, regardless of whether you are trading cryptocurrencies, indices, stocks, currencies or commodities (details of all rates are in the table on the page).
For Lighter, the approach is different: Liquid does not charge a commission on top of Lighter to maintain the "zero commission" model on this route.
Rating 3 out of 5: the information for users is detailed, but there is no technical information: how the aggregation is arranged. There is also no analysis of demand and competitors. But the idea of such an aggregator is interesting.
There are no tokenomics or utility tokens. But there is a point program, which you can read about on the corresponding documentation page:
Seasons 0 and 0.5 have already been completed. The first distributed 600K points, and the second - 200K.
Season 1 is currently underway. It started on November 18, 2025, and 100 thousand points are distributed weekly.
Conditions: Points are awarded based on a proprietary formula that takes into account trading activity and contribution to the platform. In other words, the details are unknown.
According to Cryptorank, the project received $7.6 million from Paradigm, General Catalyst, Alpen Capital (Prev. Comfy Capital), Ashwin Ramachandran, and Eric Wu:
Good thing there are well-known names.
Rating 3 out of 5: there are investments and good ones ($7.6 million including from Paradigm and Eric Wu), but there are no tokenomics or utility of the future token (impossible to assess quality). But there is a point program.
The project code is currently closed.
The organization LiquidTrading exists on GitHub but does not contain public repositories:
The main value of the project lies in the UI/UX layer and aggregation algorithms, which unfortunately are not published in open access at the moment.
Therefore, a rating of 1 out of 5.
We move to the application website:
Click on the button with the icon to log in:
You can log in via e-mail or Google, but you can choose "Continue with a wallet". That's what I'll do:
I choose a wallet and connect. A message signature will appear - we do this, checking that there is text there.
After this, you may see such a window with a ref. code (leave it - it's beneficial for both you and me):
Click on "Continue". The page opens:
Now let's look at the buttons next to the entrance / account.
The first button is to search for tokens:
It's convenient that you can filter all, spot, perps, HIP-3. As I understand it, sort by Symbol, Last Price, 24hr Change, etc.
I will filter by perps:
Categories will appear. Selected AI:
Selected VERTUAL:
In the settings (second button), you can select the theme, language, and more:
I leave it unchanged.
The third one is the account (where the login was):
Here you can view the address, connect X, view the balance, make a deposit, and exit.
Click on the fourth button - "Deposit":
Convenient for regular users, as it supports replenishment from a bank card, bank transfer.
I will choose "Transfer from wallet":
The option to select a token will appear. I click "Select" next to token:
And USDC. After that, "Select" next to chain:
Conveniently, there are many popular networks. I chose Base:
Minimum 10 $. I sent 101 $.
I refresh the page and see that there is 100.91 USDC:
So the deposit fee was 9 cents.
Now there is a "Withdraw" button in the account. The form is standard - I won't show it:
Withdrawal is made to Arbitrum with a fee of $1 (for my amount, this will be 1% or more if I incur a loss during trading).
Filled in the amount, selected take-profit (TP) and stop-loss (SL) percentages by clicking on numbers, as well as leverage (here 3X or 5X is available):
It's convenient that you don't have to enter anything manually: even the amount can be specified as a percentage. Although for me, the slider is not available. It should be in the form of an input type="range" field, but here it's probably some div that can only be controlled with a mouse...
When I clicked "Enable Trading", a signature from Hyperliquid appeared. What kind of aggregation are we talking about...
Below, by the way, we see the info:
Liquidation Price0,4
Order Value$500.00
Margin Required $100.00
This is convenient for assessing before creating a position.
After enabling trading, the button will be replaced with "Buy" for a long and "Sell" for a short, indicating the amount in the traded token.
And here is the position:
There is a button to increase the margin, but it is not labeled with text again, and after opening the modal, it cannot be closed with "Escape". There is also no close button available from the keyboard:
There is also an option to share (button next to the profit or loss amount), as well as closing at a limit or market. I will close by clicking "Mkt":
The slider is still unavailable. Fortunately, 100% is selected: just clicked "Market close".
The "Sell / Short" tab is similar to the long, so let's move on to Limit (limit order) right away. I'll also show a short:
By the way, note that it was $100.91, and now it's $99.98 USDC.
When I closed, there seemed to be a loss of $0.4. It turns out the commission was about 50 cents - that's a lot, and corresponds to a level of 0.5% of the amount - too much, considering the leverage. Immediately makes you wonder: what will happen if you trade on a pair with available 10X leverage!
This confirms the words of one of my acquaintances that it is expensive to trade on Liquid.
So, I am on the Limit and Short tab.
You can set the Mid price - current, by default.
Also, you can configure the order by clicking on GTC:
I explain:
GTC (Good Till Cancelled) - the order will hang in the glass until you cancel it yourself or until it is fully executed.
IOC (Immediate Or Cancel) - "execute immediately or cancel the remainder": the part of the order that can be executed immediately is executed, everything that could not be executed immediately is canceled.
ALO (Add Liquidity Only) - the same as Post Only: the order guarantees adding liquidity to the glass. If at the current price it could be executed immediately (i.e., become a taker), the platform will either cancel it or reprice it so that it becomes a pure maker.
I choose ALO to minimize commissions.
Filled other fields (TP, SL, leverage):
I see that liquidation at $0.75 is far away.
Click on "Sell 527.13 VIRTUAL". There are orders in Open orders:
What I didn't like: on the orders tab, all data is in one line (at least that's how it's announced for me) - this is extremely inconvenient.
And here's the position opened upon reaching the price:
I remind you that I opened a position for $99. Let's see after some time how much I will actually have.
Closed.
In the end, only 99.42 USDC remained.
That is, 46 cents were taken as commission.
But it should be noted that this is Hyperliquid fees + Liquid fees = in any case, it will be more.
I imagined it like this:
Choose a market
The project aggregates different exchanges for this pair, offering the best option. Possibly showing all options in a spoiler to the user
The transaction is executed on the exchange that offers the best conditions.
For now, I only see the use of Hyperliquid:
The same spot from HL:
And separately by balance, not unified - this is inconvenient...
Maybe it's only in the web version, but that's a fact.
In the asset list, there is a request for GOLD xyz:gold, PAXG 10x, flx:GOLD, and KM:GOLD:
Unless PAXG is unclear which exchange, but judging by the balance, it's also Hyperliquid:
The main advantage is not implemented in the web version, or I didn't notice it.
There are no news in the web interface unfortunately. But there are prediction markets:
Click on "All Categories":
I chose "Ending Soon":
I click on "All Tags" and select 3 tags:
You can select everything and enter BTC:
By the way, I noticed that after switching to the market and returning, the category and tags are reset - this is inconvenient.
Or you can search by FDV:
For example, I selected "What will MegaETH FDV be at 10:00 AM ET 1 day after launch?Crypto":
I choose "Above $5,000,000,0…48%"
Some kind of purchase form is not obvious:
No balance
No correct display of percentages for one side or another (for example, 5 MRLD is 48% (I understand this as "yes"), but in the Yes 96, no 100 form.
I chose a different market - "Will the US issue a Level 4 travel advisory for Taiwan?"
At the beginning, it correctly showed: Yes 44, No 56. But now No has 62...
No balance again. Entered 50. The "Deposit 50.00" button appeared at the bottom. I clicked on it:
Specified the amount - 50, and clicked "Transfer $50.00 to Solana".
I don't like that the signature with the "NonceMapping" operation and such data:
"chainId": "hyperliquid",
"wallet": "0x2811034b8b10067f3a6e24402268d7e1609457ca",
"id": "0xc979d7e3f81bb68aaa02c3b603584d090fe43d56ede1618938e87485770b305b"
"nonce": 1770890712920
This is an unreadable signature: if you have a large amount of funds, you shouldn't do this.
Then a standard HL transfer operation appeared - this is normal. But still
I topped up 50 and bet 40:
Clicking on "Buy$40No":
As you can see, it requires $30. This means the deal went through. Let's check by clicking "Sell":
As you can see, I will get $34.62!
Either the market is illiquid, or what, but after my small deal it became Yes 38, No 56.
It's convenient that there is an address with balance and position right at the top. By clicking the "Positions" button, we can see it:
I sold - it became 0 after refreshing the page (inconvenient that it doesn't update immediately):
By clicking on 43.63 at the top, we can see the balance
"Transfer Funds". By default, it will transfer from HyperCore to Solana - we swap them by clicking on the icon between them:
Enter the amount (I have already entered) and click "Transfer $43.62 to Hypercore" (you will have your own amount):
We see at the top that the balance is 0.01 $ - this is normal (error):
The result on predictions: transferring back and forth is convenient, but liquidity in Solana is small - not the best source of markets.
First, let's look at the leaderboard:
Here you can filter by today, week, month, and all time.
There is a search by address - that's good:
It's bad that if further than 50th place, it doesn't show the specific position.
On the Points page, we can see details about the points credited and credited to us:
It's cool that you can see them by Liquid and Ostium.
Next are transactions.
And on the "Referral" page, you can get and change the code, view statistics on invited users, and receive rewards:
The "Invite a friend" button allows sharing in any app. Copy - copy the link.
"Edit" - editing:
In general, everything is clear.
Here you can move funds to the vault and view history:
"Move" and enter the amount:
"Preview":
We see the amount, with an APY of 85.86% at the moment. The transfer conditions are also shown: deposits are instant, withdrawals take 4 days.
If you agree, press "Deposit to Vault":
Only I couldn't even deposit $10 or $50. It says "No Ethereum wallet found in authentication response", even though everything is connected.
These are the drawbacks of the beta version...
But I think I showed you: now the process is clear. Withdrawing from the vault is similar (just on the "Withdraw" tab in the same window).
I'm blind, so I don't like working on a smartphone: the process takes longer due to the need to scroll.
But I tried to install it from Google Play, just to compare, and I can only say this:
Convenient authorization
Portfolio appears immediately - that's good
But the buttons at the top and, as I understand, the tabs at the bottom of the app are not labeled with text - a blind person can't figure it out (unless by trial and error).
After selecting to top up with USDC crypto, we ended up on the wallet of an account authorized through Google - this led to the funds getting stuck. A critical bug that reduces convenience almost to zero.
Good thing we were able to top up the app via the web version.
The token list is not displayed in the search - you can only enter, which is not very convenient. Fortunately, there are popular ones
There is also filtering: by default, Lighter, ostium. That is, aggregation is not within a single market, but a list of markets with filtering by dex. This means that the user will have to compare themselves where it is better.
I entered gold - for some reason, the following exchanges were displayed: xyz (HL), filix exchange, dream cash, KM. Ostium did not show up, although I know that gold is there. Although, perhaps, it's not gold, but paxg - I don't remember those details anymore. But the fact is that it's not very convenient...
News with trading are even available to me - this is great!
You can earn Liquid, Ostium and Lighter (when launched) points in one interface. Simultaneously - it cannot be said, but you can do this by switching between markets.
Just trade, choosing the best option considering commissions, liquidity and other parameters.
On smartphones, study the news and act based on them.
And in the web version, trade on prediction markets.
Rating 4 out of 5: the interface is convenient and functional. But for now, the mobile app looks more interesting. The web version is still raw.
Team: 3 out of 5: 3 out of 5 participants are public, and most of the listed ones are professionals (but these are just the main people). It's a shame there's no link on the website (had to search myself).
Activity on Discord, X, and LinkedIn is good. But they didn't answer substantive questions about architecture and aggregation. However, they did help with a specific bug when topping up via the mobile app (see details in the relevant section on mobile app practice): suggested clearing the cache and re-entering. After that, it became clear that the problem was due to an old session with a different wallet.
Concept: 3 out of 5: user information is detailed, but there's no technical information on how aggregation works. Also, there's no analysis of demand and competitors. But the idea of such an aggregator is interesting.
Coin: 3 out of 5: there are good investments (7.6 million dollars including from Paradigm and Eric Wu), but there's no tokenomics or future token utility (impossible to assess quality). But there is a point program.
Code: 1 out of 5. It's closed. Although there is an organization account, there are no repositories at all.
Practice: 4 out of 5: the interface is convenient and functional. But the mobile app looks more interesting for now. The web version is still raw.
Total 14 out of 25 - this is the level of "promising but raw": the idea and team are strong, but the closed code, lack of tokenomics, and undisclosed aggregation do not allow calling the project truly reliable at this stage.
Yes: now there are many projects with me at 15 out of 25, but this doesn't mean Liquid should be worse or on par with them. I hope the project will become more open and decentralized in the future.
Closedness: it's unclear how aggregation works. If it's just getting all dexes via API and displaying them in the token list with filtering - good. But if the project produces or plans to produce the best exchange path on a specific market page (e.g., BTC) - different. Here, you will need to consider the risks of added dexes and their markets.
Quite a large total commission despite information that it is low. I checked this, and so did another user I spoke with before me.
It's unclear how Liquid will behave in case of a hack or bug of any exchange used in aggregation. What can the user get, and will they be able to?
Issues with interface availability and stability (especially the web version): sliders without text alternatives; modals that cannot be closed with the keyboard; and errors when depositing in storage - this is not only inconvenient, but also an additional operational risk for the user.
Really user-friendly interface
Unique features like a news feed with the ability to trade in a few clicks
Support for all the most popular perp dex. But it's important that spot is also available.
Strong investor lineup (Paradigm and others) and founder's experience at Two Sigma build trust in the project's technical and product vision, even despite its current closed nature.
For active traders, Liquid offers a rare opportunity to farm points from multiple protocols (Liquid, Lighter, Ostium) in one interface, increasing potential profits.
Whether to use the project is up to each user to decide.
Subscribe to https://t.me/blind_dev - there's new project analysis, tokenomics, and posts about me.
At first it was only a mobile app: I thought the project was useless for me. But it turned out there is a beta version of the web interface. So I decided to analyze the project.
There is no link to the team page or LinkedIn on the website.
But I found out that the Liquid project was developed by a team of highly qualified specialists from New York with significant experience in quantitative trading and artificial intelligence.
Through AI and search, I found LinkedIn of the Liquid founder:
He also has publications. For example, the latest one with 7 reactions and 1 comment. The previous one, which was 3 months ago, received 338 reactions, 38 comments and 4 reposts.
Work experience:
Chief Executive Officer at Liquid since March 2025
Quantitative Researcher at Two Sigma from July 2022 to February 2025
Software Engineering Intern at You.com from December 2021 to January 2022 (internship)
Quantitative Analyst Intern at The D. E. Shaw Group from June to August 2021
Head Instructor at Summer STEM Institute (SSI) from June to July 2020
Modelling Intern at Two Sigma from May to July 2020
And another (total 12).
Education:
Harvard University: Master of Science - MS, Computer Science 2021 - 2022
Harvard University: Bachelor of Arts - BA, Mathematics 2018 - 2022
Thomas Jefferson High School for Science and Technology: Advanced Studies Diploma from 2014 to 2018
Franklin's professional experience is well-suited for his role at Liquid. Several years as a quantitative researcher at Two Sigma and internships at D. E. Shaw have given him quantum thinking and market understanding.
A double degree from Harvard in mathematics and computer science provided a strong foundation in machine learning and engineering. This is important for developing a perp DEX aggregator and order execution algorithms.
Through him, I found the company profile of Liquid:
There is also a post 3 months ago with 47 reactions and 6 comments.
Work experience:
Founding Engineer at Liquid since October 2025
Software Engineer at Mercury from May to September 2025 (internship)
Data Entry Specialist at FreshPoint, Inc. from October 2024 to May 2025 (Part-time)
Founding Software Engineer at Direct'r from September 2023 to September 2024
Software Engineer at Amazon from June to September 2021 (internship)
Also interned at Electronic Arts (EA) and RBC as a Software Engineer
Education:
The University of British Columbia: Bachelor of Science - BS, Mathematics from September 2017 to May 2023
Georgia Institute of Technology: Master of Science - MS, Computer Science from April 2024 to April 2026
William's experience seems relevant for the founding engineer role: several engineering roles and internships at large companies (Amazon, EA, RBC) and working as a founding software engineer at Direct'r gave him both production development experience and an understanding of startup processes.
1,970 followers, last post 9 months ago with 104 reactions.
Previous - 11 months ago with 112 reactions, 9 comments, and 2 reposts.
Work experience:
Interestingly, the position at Liquid is not specified. Only "Bringing the cost of conviction to zero"
Same with Deskhead - no role there.
Quantitative Trader at Susquehanna International Group from August 2023 to April 2024
Quantitative Trading Intern at the same company from June to August 2022
Lifeguard at Continental Pools from May 2017 to August 2021
Food Server at Paul's Deli & Neighborhood Restaurant from June to September 2019
Education:
Prod:
Dartmouth College: Bachelor of Arts - BA, Mathematics from 2019 to 2023
Jamestown High School from 2015 to 2019
New Horizons Regional Education Centers: Engineering from 2017 to 2019
I don't see him explicitly stating a role in Liquid, so I can't properly assess how formally his experience is tied to the product. But he has a strong quantitative background (Susquehanna, mathematics at Dartmouth), and his activity and engagement in communication around the idea of "bringing the cost of conviction to zero" seem like a plus.
1381 tracking.
Last post 3 months ago with 26 reactions and 3 comments.
Previous one was 8 months ago with 18 reactions.
Work experience:
Founding Product Engineer at Liquid since September 2025
Product Engineer & Technical Product Manager at The Fourth Effect from September 2023 to September 2025
AI & UX Strategy Consultant (Side Project) at MySideKick from June 2024 to March 2025 (freelance)
Software Developer (Side Project) at Quikirr from May to June 2024 (part-time)
Research Assistant at Yale School of Management from June to September 2023
Member at Rewriting the Code from January 2019 to September 2023
Intern at Tobin Center for Economic Policy at Yale · Internship from June to August 2021 (internship)
Data Science Intern at Identifor, Inc. from June to August 2020
Sasha's experience aligns well with the role of founding product engineer at Liquid.
She combined product engineering and tech product at The Fourth Effect, consulted on AI and UX, worked with data, so she has experience in products, interfaces, and analytics - everything important for such an application.
352 followers and 2 comments - no posts from him.
Work experience:
Founding Product Manager at Liquid since August 2025
Tutor at Brick and Ivy from July 2022 to December 2023 (part-time)
Founder and President at A Dollar Makes a Scholar from September 2019 to December 2023
Tutor at Research Science Institute (RSI) from June to September 2023
Certified Nursing Assistant at Newton-Wellesley Hospital from March 2020 to June 2022 (part-time)
And other experience (total 17). Of interest - Counselor at Research Science Institute (RSI) from June to August 2019
Education:
Harvard University: Molecular and Cellular Biology, Global Health and Health Policy from August 2018 to May 2022
University of Chicago: Master's degree, Computer Science/Data Science in September 2023
Sharon High School: High School Diploma from August 2014 to June 2018
Indumathi's experience seems less directly related to product and trading than the rest of the team: she has a strong academic background in biology and data science (Harvard + University of Chicago) and a lot of experience in teaching and non-profit initiatives, but almost no explicit product or fintech roles, so it is difficult to assess her as a product manager in the context of Liquid based on her open profile.
X @liquidtrading with 26.5 thousand subscribers and 1,815 posts can be considered active and more or less popular:
This is confirmed by the fact that the last post at the time of writing the article was 5 hours ago, and it received 12 replies, 4 reposts, 45 likes and 1,842 views. Of course, not much, but not a little either.
The previous post was on February 11 (yesterday), and received 22 replies, 7 reposts, 182 likes and 43,268.
According to Sorsa, score 1010 (+2). Tier 4 - Significant, which well reflects the quality of the account.
Among the projects subscribed to them are moonpay, CoinMarketCap, Lighter and others (I listed the most well-known).
Among the funds - Robot Ventures, eGirl Capital 仙女資本, Galois Kevin, ROK Capital, Soap Capital and others.
Moni score for the project is 5908 (Level: 5. Medium) - this is a significant level. 456 smart contracts.
From the funds according to their data, only fourthrevolution.capital has signed up, and there are 6 projects (all unknown, except for CMC).
Instagram unfortunately, I can't open it for some reason, so I can't analyze it. But according to AI data, the account has 141 subscribers, 106 subscriptions, and 0 posts. The description only has the slogan "Perps in your Pocket", so it's impossible to judge the activity, engagement, and audience work based on this profile right now.
But maybe that's not the case.
Youtube is also weak (only 31 subscribers and 6 videos):
And that's it - shorts.
Telegram chat:
The link above opens a channel with a bot to join.
And here is the chat itself:
After a few hours, they allowed writing, but there are not many questions asked there.
There is Frank in the chat, which gives hope for a response, so I asked a question. But they haven't answered yet.
As you can see from the search results, my questions were not answered. Only one participant referred to an AI bot, but it replied that the limit was exhausted.
The conversation in the Lounge chat goes:
But overall, this is not questions and answers, but spam.
In work (the channel with tweets), they publish:
In "Content", they less frequently share images and videos:
In Research, they post articles:
In Bugs, they write, but there seem to be no answers. Overall, the team advises opening a ticket, so this is normal. But then they should have disabled this chat:
The last message in Updates is from February 6:
And in the community news, it's December 13:
In Events, the last messages are from today:
It's a pity you can't subscribe. Although most of the events here are about games, which I'm not interested in.
Rating 3 out of 5: the team exists and most of the listed members are professionals (and these are just the main people). It's bad that there's no link on the website (I had to search for it myself).
Activity in Discord, X and LinkedIn is good. But they didn't answer substantive questions about architecture and aggregation. However, they helped with a specific bug when topping up through the mobile app (see details in the relevant section about practice in the mobile app) in the Bugs chat: they suggested clearing the cache and re-entering. After that, it became clear that the problem was due to an old session with a different wallet.
There is documentation https://docs.tryliquid.xyz/, but for users it is more:
Liquid positions itself as the perfect financial super-app. The project combines the capabilities of a CEX with the advantages of decentralization. This refers to the speed of operation, user-friendly interface, and greater liquidity due to DEX aggregation (when multiple decentralized exchanges are supported, there is more liquidity and more benefits for the user).
It's cool that the app works on both smartphones and the web version.
Another feature is the news feed, which allows you to trade assets related to the news you read.
As I mentioned earlier, Liquid is not a separate DEX, but a tool for their aggregation. This allows users to get more benefits by choosing the best trading offers.
The project currently supports
Hyperliquid for spot and PERPS markets. It is the main partner thanks to builder codes that provide profit to applications
Lighter, used as an additional source of liquidity. This DEX supports both spot and perps markets, but there is no information about supporting their spot markets in Liquid: only perps.
Ostium - the leading decentralized exchange for trading real-world assets (RWA) through perpetual contracts.
Based on public information, Liquid appears to be a frontend overlay on top of several DEXs, but the documentation does not explicitly state this, and there are no details about the aggregation.
All funds are held in user wallets on the respective blockchains: Liquid does not store them.
All transactions are executed transparently on-chain on the respective through integrated dexes.
The application is optimized for mobile devices. Thanks to this, it offers an interface that is not inferior in convenience to modern fintech applications.
You can trade spot assets without commissions. As everywhere, they can be selected from the top or searched via search. BTC, ETH, SOL, and HYPE
You can read about this on the page Trading in the documentation.
On the same page, it is stated that there is the possibility of trading with a multiplier of up to 40X the amount. For example, invested $2500 and received BTC for $100,000.
Also, you can only lose the entire amount invested in the position if the price drops by 20%, if you made a long with a 5x multiplier. They write this as a feature, but in reality, the same tool exists on other perp dexes with isolated margin enabled. The risks are usually taken by the protocol, not by taking the user into the negative.
Liquid is positioned as a solution with one of the lowest fees for takers (buyers). This information is provided on the main page of the documentation and in the Twap.
Before opening a trade, the risk and exposure (position size in the base asset and possible loss on it) are visible. This can be found out on the main page of the project's website.
There are TWAP orders (Time-Weighted Average Price). They allow you to split a large trade into smaller parts, executing them with randomization over time. This avoids significant slippage and losses due to front-running (when an order is read, making the trade less profitable = manipulating execution). About this on the page about TWAP.
There is convenient setting of Take Profit and Stop Loss: you can set levels in numbers or through a visual interface before and after opening a trade. Source:
This is a section with a real news feed integrated into the application.
Imagine:
You log in and see a news story about the potential for BTC to grow to $100,000. Or that now is the bottom.
Right there, you choose to "short" if you think it's the right action, and wait for profit 😊.
They write that traders can react to news by swiping left or right, and the offer can express the chosen trend in the market. I think this is more about smartphones, as it's not very convenient in the web version.
Also interesting is that users can add their own feeds. This allows you not to depend on the selected list of media, which may be considered lying by the user. However, the documentation says it's just a filter by topic. In general, I hope we'll figure it out in practice.
Source - page "User channels".
Note that each card displays the number of votes "for" and "against". This data comes from Liquid users who voted before you opened the news feed.
It's good that there is both finger movement and a "Deal" button under the news card. This is mentioned on the page about trading on news.
The user receives half of the fees generated by invited friends. Referrals, in turn, get a 10% discount on fees.
The more friends join Liquid using your referral code, the more you will earn.
The functionality is available in the "Rewards" and "Referrals" sections. This is mentioned on the page about attracting traders.
There is a separate page about this - Fees.
It explains that the project takes up to 0.05% (5 bps) commission from users, and the exact amount depends on which exchange the transaction is conducted through and what the user's 14-day trading volume is.
For Hyperliquid, spot trading through Liquid is without markup: the user only pays Hyperliquid commissions, Liquid does not take anything on top. For perpetuals, Liquid adds an additional 0.05% commission on top of Hyperliquid's base fees.
Interestingly, they use the total 14-day volume (perpetuals plus spot) to calculate the commission level, with the spot volume counted with double weight.
For Ostium, everything is arranged differently. Commissions are taken when entering a position, not when exiting. It is important that Liquid adds 0.05% on top of Ostium's commissions on all trades, regardless of whether you are trading cryptocurrencies, indices, stocks, currencies or commodities (details of all rates are in the table on the page).
For Lighter, the approach is different: Liquid does not charge a commission on top of Lighter to maintain the "zero commission" model on this route.
Rating 3 out of 5: the information for users is detailed, but there is no technical information: how the aggregation is arranged. There is also no analysis of demand and competitors. But the idea of such an aggregator is interesting.
There are no tokenomics or utility tokens. But there is a point program, which you can read about on the corresponding documentation page:
Seasons 0 and 0.5 have already been completed. The first distributed 600K points, and the second - 200K.
Season 1 is currently underway. It started on November 18, 2025, and 100 thousand points are distributed weekly.
Conditions: Points are awarded based on a proprietary formula that takes into account trading activity and contribution to the platform. In other words, the details are unknown.
According to Cryptorank, the project received $7.6 million from Paradigm, General Catalyst, Alpen Capital (Prev. Comfy Capital), Ashwin Ramachandran, and Eric Wu:
Good thing there are well-known names.
Rating 3 out of 5: there are investments and good ones ($7.6 million including from Paradigm and Eric Wu), but there are no tokenomics or utility of the future token (impossible to assess quality). But there is a point program.
The project code is currently closed.
The organization LiquidTrading exists on GitHub but does not contain public repositories:
The main value of the project lies in the UI/UX layer and aggregation algorithms, which unfortunately are not published in open access at the moment.
Therefore, a rating of 1 out of 5.
We move to the application website:
Click on the button with the icon to log in:
You can log in via e-mail or Google, but you can choose "Continue with a wallet". That's what I'll do:
I choose a wallet and connect. A message signature will appear - we do this, checking that there is text there.
After this, you may see such a window with a ref. code (leave it - it's beneficial for both you and me):
Click on "Continue". The page opens:
Now let's look at the buttons next to the entrance / account.
The first button is to search for tokens:
It's convenient that you can filter all, spot, perps, HIP-3. As I understand it, sort by Symbol, Last Price, 24hr Change, etc.
I will filter by perps:
Categories will appear. Selected AI:
Selected VERTUAL:
In the settings (second button), you can select the theme, language, and more:
I leave it unchanged.
The third one is the account (where the login was):
Here you can view the address, connect X, view the balance, make a deposit, and exit.
Click on the fourth button - "Deposit":
Convenient for regular users, as it supports replenishment from a bank card, bank transfer.
I will choose "Transfer from wallet":
The option to select a token will appear. I click "Select" next to token:
And USDC. After that, "Select" next to chain:
Conveniently, there are many popular networks. I chose Base:
Minimum 10 $. I sent 101 $.
I refresh the page and see that there is 100.91 USDC:
So the deposit fee was 9 cents.
Now there is a "Withdraw" button in the account. The form is standard - I won't show it:
Withdrawal is made to Arbitrum with a fee of $1 (for my amount, this will be 1% or more if I incur a loss during trading).
Filled in the amount, selected take-profit (TP) and stop-loss (SL) percentages by clicking on numbers, as well as leverage (here 3X or 5X is available):
It's convenient that you don't have to enter anything manually: even the amount can be specified as a percentage. Although for me, the slider is not available. It should be in the form of an input type="range" field, but here it's probably some div that can only be controlled with a mouse...
When I clicked "Enable Trading", a signature from Hyperliquid appeared. What kind of aggregation are we talking about...
Below, by the way, we see the info:
Liquidation Price0,4
Order Value$500.00
Margin Required $100.00
This is convenient for assessing before creating a position.
After enabling trading, the button will be replaced with "Buy" for a long and "Sell" for a short, indicating the amount in the traded token.
And here is the position:
There is a button to increase the margin, but it is not labeled with text again, and after opening the modal, it cannot be closed with "Escape". There is also no close button available from the keyboard:
There is also an option to share (button next to the profit or loss amount), as well as closing at a limit or market. I will close by clicking "Mkt":
The slider is still unavailable. Fortunately, 100% is selected: just clicked "Market close".
The "Sell / Short" tab is similar to the long, so let's move on to Limit (limit order) right away. I'll also show a short:
By the way, note that it was $100.91, and now it's $99.98 USDC.
When I closed, there seemed to be a loss of $0.4. It turns out the commission was about 50 cents - that's a lot, and corresponds to a level of 0.5% of the amount - too much, considering the leverage. Immediately makes you wonder: what will happen if you trade on a pair with available 10X leverage!
This confirms the words of one of my acquaintances that it is expensive to trade on Liquid.
So, I am on the Limit and Short tab.
You can set the Mid price - current, by default.
Also, you can configure the order by clicking on GTC:
I explain:
GTC (Good Till Cancelled) - the order will hang in the glass until you cancel it yourself or until it is fully executed.
IOC (Immediate Or Cancel) - "execute immediately or cancel the remainder": the part of the order that can be executed immediately is executed, everything that could not be executed immediately is canceled.
ALO (Add Liquidity Only) - the same as Post Only: the order guarantees adding liquidity to the glass. If at the current price it could be executed immediately (i.e., become a taker), the platform will either cancel it or reprice it so that it becomes a pure maker.
I choose ALO to minimize commissions.
Filled other fields (TP, SL, leverage):
I see that liquidation at $0.75 is far away.
Click on "Sell 527.13 VIRTUAL". There are orders in Open orders:
What I didn't like: on the orders tab, all data is in one line (at least that's how it's announced for me) - this is extremely inconvenient.
And here's the position opened upon reaching the price:
I remind you that I opened a position for $99. Let's see after some time how much I will actually have.
Closed.
In the end, only 99.42 USDC remained.
That is, 46 cents were taken as commission.
But it should be noted that this is Hyperliquid fees + Liquid fees = in any case, it will be more.
I imagined it like this:
Choose a market
The project aggregates different exchanges for this pair, offering the best option. Possibly showing all options in a spoiler to the user
The transaction is executed on the exchange that offers the best conditions.
For now, I only see the use of Hyperliquid:
The same spot from HL:
And separately by balance, not unified - this is inconvenient...
Maybe it's only in the web version, but that's a fact.
In the asset list, there is a request for GOLD xyz:gold, PAXG 10x, flx:GOLD, and KM:GOLD:
Unless PAXG is unclear which exchange, but judging by the balance, it's also Hyperliquid:
The main advantage is not implemented in the web version, or I didn't notice it.
There are no news in the web interface unfortunately. But there are prediction markets:
Click on "All Categories":
I chose "Ending Soon":
I click on "All Tags" and select 3 tags:
You can select everything and enter BTC:
By the way, I noticed that after switching to the market and returning, the category and tags are reset - this is inconvenient.
Or you can search by FDV:
For example, I selected "What will MegaETH FDV be at 10:00 AM ET 1 day after launch?Crypto":
I choose "Above $5,000,000,0…48%"
Some kind of purchase form is not obvious:
No balance
No correct display of percentages for one side or another (for example, 5 MRLD is 48% (I understand this as "yes"), but in the Yes 96, no 100 form.
I chose a different market - "Will the US issue a Level 4 travel advisory for Taiwan?"
At the beginning, it correctly showed: Yes 44, No 56. But now No has 62...
No balance again. Entered 50. The "Deposit 50.00" button appeared at the bottom. I clicked on it:
Specified the amount - 50, and clicked "Transfer $50.00 to Solana".
I don't like that the signature with the "NonceMapping" operation and such data:
"chainId": "hyperliquid",
"wallet": "0x2811034b8b10067f3a6e24402268d7e1609457ca",
"id": "0xc979d7e3f81bb68aaa02c3b603584d090fe43d56ede1618938e87485770b305b"
"nonce": 1770890712920
This is an unreadable signature: if you have a large amount of funds, you shouldn't do this.
Then a standard HL transfer operation appeared - this is normal. But still
I topped up 50 and bet 40:
Clicking on "Buy$40No":
As you can see, it requires $30. This means the deal went through. Let's check by clicking "Sell":
As you can see, I will get $34.62!
Either the market is illiquid, or what, but after my small deal it became Yes 38, No 56.
It's convenient that there is an address with balance and position right at the top. By clicking the "Positions" button, we can see it:
I sold - it became 0 after refreshing the page (inconvenient that it doesn't update immediately):
By clicking on 43.63 at the top, we can see the balance
"Transfer Funds". By default, it will transfer from HyperCore to Solana - we swap them by clicking on the icon between them:
Enter the amount (I have already entered) and click "Transfer $43.62 to Hypercore" (you will have your own amount):
We see at the top that the balance is 0.01 $ - this is normal (error):
The result on predictions: transferring back and forth is convenient, but liquidity in Solana is small - not the best source of markets.
First, let's look at the leaderboard:
Here you can filter by today, week, month, and all time.
There is a search by address - that's good:
It's bad that if further than 50th place, it doesn't show the specific position.
On the Points page, we can see details about the points credited and credited to us:
It's cool that you can see them by Liquid and Ostium.
Next are transactions.
And on the "Referral" page, you can get and change the code, view statistics on invited users, and receive rewards:
The "Invite a friend" button allows sharing in any app. Copy - copy the link.
"Edit" - editing:
In general, everything is clear.
Here you can move funds to the vault and view history:
"Move" and enter the amount:
"Preview":
We see the amount, with an APY of 85.86% at the moment. The transfer conditions are also shown: deposits are instant, withdrawals take 4 days.
If you agree, press "Deposit to Vault":
Only I couldn't even deposit $10 or $50. It says "No Ethereum wallet found in authentication response", even though everything is connected.
These are the drawbacks of the beta version...
But I think I showed you: now the process is clear. Withdrawing from the vault is similar (just on the "Withdraw" tab in the same window).
I'm blind, so I don't like working on a smartphone: the process takes longer due to the need to scroll.
But I tried to install it from Google Play, just to compare, and I can only say this:
Convenient authorization
Portfolio appears immediately - that's good
But the buttons at the top and, as I understand, the tabs at the bottom of the app are not labeled with text - a blind person can't figure it out (unless by trial and error).
After selecting to top up with USDC crypto, we ended up on the wallet of an account authorized through Google - this led to the funds getting stuck. A critical bug that reduces convenience almost to zero.
Good thing we were able to top up the app via the web version.
The token list is not displayed in the search - you can only enter, which is not very convenient. Fortunately, there are popular ones
There is also filtering: by default, Lighter, ostium. That is, aggregation is not within a single market, but a list of markets with filtering by dex. This means that the user will have to compare themselves where it is better.
I entered gold - for some reason, the following exchanges were displayed: xyz (HL), filix exchange, dream cash, KM. Ostium did not show up, although I know that gold is there. Although, perhaps, it's not gold, but paxg - I don't remember those details anymore. But the fact is that it's not very convenient...
News with trading are even available to me - this is great!
You can earn Liquid, Ostium and Lighter (when launched) points in one interface. Simultaneously - it cannot be said, but you can do this by switching between markets.
Just trade, choosing the best option considering commissions, liquidity and other parameters.
On smartphones, study the news and act based on them.
And in the web version, trade on prediction markets.
Rating 4 out of 5: the interface is convenient and functional. But for now, the mobile app looks more interesting. The web version is still raw.
Team: 3 out of 5: 3 out of 5 participants are public, and most of the listed ones are professionals (but these are just the main people). It's a shame there's no link on the website (had to search myself).
Activity on Discord, X, and LinkedIn is good. But they didn't answer substantive questions about architecture and aggregation. However, they did help with a specific bug when topping up via the mobile app (see details in the relevant section on mobile app practice): suggested clearing the cache and re-entering. After that, it became clear that the problem was due to an old session with a different wallet.
Concept: 3 out of 5: user information is detailed, but there's no technical information on how aggregation works. Also, there's no analysis of demand and competitors. But the idea of such an aggregator is interesting.
Coin: 3 out of 5: there are good investments (7.6 million dollars including from Paradigm and Eric Wu), but there's no tokenomics or future token utility (impossible to assess quality). But there is a point program.
Code: 1 out of 5. It's closed. Although there is an organization account, there are no repositories at all.
Practice: 4 out of 5: the interface is convenient and functional. But the mobile app looks more interesting for now. The web version is still raw.
Total 14 out of 25 - this is the level of "promising but raw": the idea and team are strong, but the closed code, lack of tokenomics, and undisclosed aggregation do not allow calling the project truly reliable at this stage.
Yes: now there are many projects with me at 15 out of 25, but this doesn't mean Liquid should be worse or on par with them. I hope the project will become more open and decentralized in the future.
Closedness: it's unclear how aggregation works. If it's just getting all dexes via API and displaying them in the token list with filtering - good. But if the project produces or plans to produce the best exchange path on a specific market page (e.g., BTC) - different. Here, you will need to consider the risks of added dexes and their markets.
Quite a large total commission despite information that it is low. I checked this, and so did another user I spoke with before me.
It's unclear how Liquid will behave in case of a hack or bug of any exchange used in aggregation. What can the user get, and will they be able to?
Issues with interface availability and stability (especially the web version): sliders without text alternatives; modals that cannot be closed with the keyboard; and errors when depositing in storage - this is not only inconvenient, but also an additional operational risk for the user.
Really user-friendly interface
Unique features like a news feed with the ability to trade in a few clicks
Support for all the most popular perp dex. But it's important that spot is also available.
Strong investor lineup (Paradigm and others) and founder's experience at Two Sigma build trust in the project's technical and product vision, even despite its current closed nature.
For active traders, Liquid offers a rare opportunity to farm points from multiple protocols (Liquid, Lighter, Ostium) in one interface, increasing potential profits.
Whether to use the project is up to each user to decide.
Subscribe to https://t.me/blind_dev - there's new project analysis, tokenomics, and posts about me.
Yield-bearing vaults with 10-14% returns are supported. This is the market-making strategy of Hyperliquid (HLP), which has privileged access to data on the course of liquidation and the order book. The deposit is non-custodial - in the HL blockchain. I want to add that profitability can be higher due to market fluctuations, but there are risks in case of large profits for traders.
When depositing, there is a 4-day lock-up period.
Details on the page "Vaults".
The project is available on all devices with a single UX: IOS, Android, and web.
Yield-bearing vaults with 10-14% returns are supported. This is the market-making strategy of Hyperliquid (HLP), which has privileged access to data on the course of liquidation and the order book. The deposit is non-custodial - in the HL blockchain. I want to add that profitability can be higher due to market fluctuations, but there are risks in case of large profits for traders.
When depositing, there is a 4-day lock-up period.
Details on the page "Vaults".
The project is available on all devices with a single UX: IOS, Android, and web.
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