Two years ago, Solana-based derivatives are decentralized exchanges, 01 went on an indefinite break until today when it announced they would restart as N1.
According to a post from co-founder Dima Romanoff, the exchange is supported by Arthur Hayes and other VCs. Furthermore, Dima revealed that he would walk the memory lane as he reminded readers of what happened to them in the first place.
DIMA is optimistic about the N1 renewal
Dima’s long-format post of X began when he, David Cao and Sheheryar Parvaz revealed how they tried to build the best derivatives platform in Solana. Their work led them to develop a derivative dex that they called at that time 01.
“We totally believed in high performance trading in the chain. What we didn’t expect was how much the world would change,” he added.
Dima reveals that he and his colleagues are building with their heads down while Solana overcomes the dark days of frequent network outages. He also said he realized that the market has collapsed, the crisis has collapsed, and that there are not enough better uptimes.
“Divided implementations were not able to compete with centralized exchange because they existed. They were serious about bringing real finances on-chain, not just collectibles, but rather speculation. So we needed more than a small improvement. We needed basic changes. So we started N1.”
When FTX collapsed, the team lost their term sheets and funds overnight. But Dima said instead he chose to move forward, build, and fortunately, investors chose to protect their faith.
“They believed in our vision, what we were creating.” I wrote it. “There’s a story that VCS doesn’t matter. They’re just dead. Truth? It’s wrong. Just like what we chose, the right one is mission critical.”
Dima also praised 01 users who continued trading through Chaos. “They never left,” he wrote. “We won’t forget about it. It’s almost time for that.”
N1 is rebooting to a more stable Solana network
According to a DIMA post, the N1 renewal is supported by industry mainstays like Arthur Hayes. The derivative Dex returns to the wider, more stable Solana ecosystem.
On February 6, 2025, Solana officially celebrated going for a year without the consensus issue of network stalling. The network has handled over 369 billion transactions so far, and the Firedancer upgrade appears to play a major role in that.
There is a lot of controversy around Solana thanks to Memecoin Frenzy, catalyzed by Pump.Fun.
The volume was very high, the pump. Fan transactions account for more than half of all transactions for the last few months of 2024. Even today, Solana’s 24-hour trading volume is nearly twice that of ETH, but rivals ETH’s $579.2 billion TVL.
Despite the blows and blame from the recent market crash, Solana is the second-largest Defi network with TVL, with a current value of $9.34 billion. This growth is driven by innovation, increased adoption and upgrades of network infrastructure such as fire dancer nodes, improving network stability and performance.
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