01_exchange

This entry now resolves to N1 Exchange, the on-chain perpetuals venue on the N1 chain at app.n1.xyz. 01 Exchange was originally N1's flagship perps application and, after being acquired by N1 on 8 July 2026, was folded into the N1 brand and shut as a standalone venue. The earlier 01 was a different team running an order-book perps venue on Solana in 2021 and 2022 with Multicoin and Alameda backing, closed in 2022, and unrelated to the current product.

The parent's path is clear: Layer N came out of stealth in September 2023 with a USD 5 million seed led jointly by Founders Fund and dao5; in December 2024 it renamed and repositioned as the Layer 1 N1; in May 2025 an Echo community round raised about USD 2 million for roughly USD 7 million total at a USD 25 million valuation. On the product side 01 relaunched on N1 in February 2026 with over 20 markets, 0.01% maker and 0.035% taker fees and up to 20x leverage; N1 mainnet went live on 16 April; the acquisition and full trading migration completed on 8 July, with the company citing over USD 3 billion in cumulative volume and more than 25,000 traders against DefiLlama's USD 2.678 billion and USD 1.72 million of open interest. July volume was about USD 170 million, August added Nord Nova, an RFQ market and mobile, and September launched a TCGX index perpetual covering 160 card varieties.

Strategy and roadmap: N1 is integrating chain and application, using its own venue to generate genuine demand for the network and extending beyond crypto into assets like trading cards and indices to avoid a fee war with mainstream perps DEXs. The risk is size and validation: PerpFinder notes that neither the 01 contracts nor the NordVM deployment they run on have disclosed audits, and the product is only about five months old; open interest sits at USD 1.72 million, N1 Exchange is effectively the network's only active application after the acquisition, core metrics have been sliding in recent months, and whether retention survives the end of points incentives is unproven.