World Markets Unveils “No‑ADL” Decentralised Exchange on MegaETH
Feb. 17, 2026 – By [Your Name]
World Markets (WM), a decentralised cryptocurrency exchange that combines spot trading, perpetual futures and on‑chain lending, went live on the newly launched MegaETH Layer‑2 network on Tuesday. The launch marks one of the first fully functional dApps on MegaETH and positions WM as the third‑largest protocol on the chain by total value locked (TVL).
A unified on‑chain trading layer
WM’s architecture allows users to manage spot positions, perpetual contracts and lending activities from a single on‑chain account. By consolidating exposure, the platform’s risk engine calculates net market exposure rather than treating each product in isolation. In an interview with The Defiant, co‑founder Kevin Coons explained that this design “protects delta‑neutral traders from being liquidated on short‑term price swings and eliminates the forced liquidation cascade known as auto‑deleveraging (ADL).”
The “No‑ADL” promise aims to address a pain point that resurfaced after the October 10, 2025 market crash, when a chain reaction of ADL events pushed daily liquidations to a record‑high of roughly $20 billion across DeFi platforms. WM’s model, according to its team, only liquidates positions that are genuinely over‑exposed, while hedged portfolios remain intact.
Early ecosystem dynamics
MegaETH, which entered mainnet on Feb. 9, has already attracted a wave of capital. In its first week, TVL climbed about 65 percent to roughly $66.5 million, driven largely by stablecoin deposits. WM contributed $6.3 million to that total, placing it behind the chain’s dominant protocol, Kumbaya ($51.4 million), but ahead of the majority of other projects.
Liquidity for WM is being supplied directly by the MegaETH ecosystem rather than through a venture‑capital round. Coons confirmed that the team is prioritising asset listings and market depth over fundraising at this stage, and that no external investors have been brought on board.
Roadmap and token outlook
While a native WM token has not been ruled out, the team says a launch is not on the immediate horizon. “We want to stay flexible as we roll out new products,” Coons said, noting that a token could be introduced once the platform’s economics are clearer.
In the short term, WM plans to release vaults within the next one to two months. These vaults will automate leveraged basis trades, further expanding the suite of on‑chain financial instruments. A mobile application is also slated for later in 2026, intended to broaden access as the protocol evaluates which markets gain the most traction.
Industry implications
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Risk‑management innovation – By calculating net exposure across spot, perps and lending, WM could set a new standard for how DeFi platforms handle margin and liquidation risk. If the “No‑ADL” model proves robust, it may force competitors to revisit their own risk engines.
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Liquidity‑first approach – WM’s decision to forego VC backing and rely on MegaETH’s native liquidity pool highlights an emerging trend where projects leverage the network’s native capital instead of traditional fundraising. This could lower entry barriers for early‑stage protocols.
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Ecosystem validation for MegaETH – The launch of a multi‑product DEX adds functional depth to MegaETH, which, despite strong TVL growth, has yet to meet the on‑chain usage and revenue thresholds required for its own MEGA token generation event. WM’s activity may help push the network closer to those benchmarks.
- Potential competitive pressure – With Kumbaya dominating TVL, WM’s differentiated offering may attract traders seeking integrated spot‑perp‑lending experiences, especially those wary of ADL-related liquidations. Success could redistribute liquidity within MegaETH’s ecosystem.
Key takeaways
- World Markets goes live on MegaETH on Feb. 17, delivering spot, perpetual futures, and lending from a single on‑chain account.
- “No‑ADL” risk engine eliminates forced liquidations for hedged, delta‑neutral positions, a response to the $20 billion ADL cascade seen after the Oct. 10, 2025 crash.
- Liquidity sourced from MegaETH, not VC; WM is currently the third‑largest protocol on the chain with $6.3 million TVL.
- Future roadmap includes automated leveraged‑basis vaults (1‑2 months) and a mobile app later in 2026; a native token remains optional.
- Implications for DeFi: WM’s unified exposure model may pressure other platforms to improve liquidation mechanics, while its capital‑first strategy underscores the growing self‑sufficiency of emerging L2 ecosystems.
As MegaETH continues to expand its on‑chain activity, World Markets’ launch provides a tangible use case for the network’s promise of high‑throughput, low‑cost trading. Whether its “No‑ADL” approach reshapes risk management across DeFi will become clearer as traders begin to test the platform under real‑world market conditions.
Source: https://thedefiant.io/news/defi/world-markets-launches-no-adl-dex-on-megaeth
