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Crypto

Polygon-backed Katana blockchain to acquire IDEX, expand into derivatives trading

Katana, a DeFi-focused Ethereum layer-2 blockchain, is acquiring decentralized exchange IDEX to expand the onchain derivatives market, The Block reported on March 23. The Polygon Labs- and GSR-backed project plans to build a new platform, Katana Perps. CEO Matthew Fisher said Katana aims to strengthen its stack and revenue structure and build infrastructure for the onchain perpetual futures market. Terms were not disclosed.

Crypto

XRP whale lands jackpot with $7.73 million long position, already up $618,000

A large bet in the XRP market has drawn investor attention. An anonymous trader known as Auros built a leveraged XRP long position worth about $7.73 million and is showing around $618,000 in unrealised profit. The position began at an average entry price of about $1.39 and uses about 2 times leverage versus an account size of roughly $15.93 million. XRP has rebounded to as high as $1.60.