Nado's on-chain perpetual futures market share rises to 1.45%, hitting a six-month high; how is the decentralized derivatives lan

Nado, the native derivatives DEX on Kraken's Ethereum Layer-2 network Ink, saw its share of on-chain perpetual futures volume climb to 1.45% in September, its highest level since March, rebounding from a July trough of 0.77%. The platform processed $18.7 billion in perpetuals volume in Q3, down 7.0% from Q2, with a record single-day volume of $769 million on August 21 following a short squeeze that drove Bitcoin from $58,500 to $83,600 over the quarter. However, Nado's open interest share fell to 0.81% in Q3 from 1.46% in Q2, indicating weak liquidity stickiness as rivals including Hyperliquid, Lighter (connected to Robinhood's liquidity channel since July 1), Aster, and dYdX absorb large long-term positions. The NLP market-making vault's capital efficiency surged, with each $1 supporting $89 in monthly volume in September versus $19 in Q2, while net fee revenue after maker rebates declined to $2.13 million from $3.17 million, with annualized net yield holding near 23% of open interest after an August 17 taker fee cut. Lending utilization also improved, with borrowed assets averaging 17.0% of total deposits versus 14.1% in Q2. Key watch items: whether Nado's fee cuts and maker quoting mechanisms can sustain volume share gains against Lighter's rapid expansion and competition in tokenized equities perps, where trade.xyz on Hyperliquid exceeded $100 billion in July volume.