February 25, 2025Product

Veranta v1.5 is now live.

Veranta Team

Our biggest protocol upgrade, unlocking net new leverage primitives, higher capital efficiency, enhanced risk management, and new trading features.

Recap: The journey so far

Veranta has been live on mainnet for a full year, during which time we’ve executed 800K+ trades, generating $3.5B+ in volumes across 30,000+ traders and returning 2.5M+ fees for over 20,000+ LPs. In addition, Veranta has been the most popular exchange forreal-world asset trading, with the deepest liquidity and volumes for onchain assets like the Turkish Lira and Dollar Yen.

As we’ve built out Veranta, we’ve gotten tremendous feedback from our LPs and traders, while also having the time to research net-new leverage primitives. Veranta v1.5 was designed to cater to this feedback, while also helping deliver on our vision to become the largest exchange for cross-asset leverage in DeFi.

Veranta v1.5: What’s new?

1. New Order Type: Zero-fee until win (coming soon)

A new PnL based perpetual is being introduced to expand trading options on the platform. This feature will enable users to pay fees only their winnings (and pay absolutely nothing on losses). This a net new derivative, geared towards loss-averse traders. More details about this order type will be shared closer to its release, so stay tuned!

2. CEX like fee discounts

Volume based discounts (based on 30 day volumes), allowing loyal Veranta traders to benefit the most from recurring platform usage, similar to a CEX.

3. Improved risk management for LPs

Specific long and short OI caps (versus a total OI cap per asset), allowing arbitrageurs (market-makers) to balance skewed markets and protect LPs.
Asset specific slippage parameters (spreads), allowing for risk to be priced more efficiently.

4. Improved trading parameters

Up to 500x leverage coming for BTC (and other assets).
Max take profit up to 1500% (up from 500%).
Higher capital efficiency (more liquidity for each pair).
Optimized positions API for improved frontend performance.
Charts and feed overhaul for sub-second latency on charting.

Feature Rollout

While the contract upgrade to v1.5 is done, feature rollout will be done gradually over the course of the next 2-3 months, taking into careful consideration protocol risk, trader and LP demand, and our roadmap. Join our discord to get early access to some of these features and opine on what you want to see next!

Security Appendix: Migration to v1.5.

As a fully onchain exchange, our engineers had to migrate live trading contracts from v1.25 to v1.5. This was done in the following steps:

👉 Milestone 1 — Completed on 24th January 2025:

Deployed new versions of PairStorage, PairInfos, and Multicall.
This milestone was designed to roll out seamlessly, with no downtime or interruptions to trading.

👉 Milestone 2 — Completed on 21st February 2025:

This phase included updates to Multicall, PairInfos, Referral, Trading, TradingStorage, and TradingCallbacks.
This upgrade required a 30 minute downtime for all trading activites.

Both milestones were seamless, which is a testament to our contributors’ careful eye for security and details. You can read about our security audit (led by Sherlock and Zellic) here: https://veranta.xyz