Perpetual markets that settle like tokens.
S&F turns perp exposure into wallet-held position tokens. Trade can happen anywhere, while collateral, prices, funding, and settlement stay canonical.
Apps, AMMs, and market makers compete on execution.
Wallet balances represent portable long or short exposure.
Oracle rounds and ETC collateral define canonical value.
Perp positions should move like tokens, not account balances.
One ruleset defines what every position token is worth.
- ETC collateral
- Issuance and redemption
- Funding-rate accounting
- Open oracle rounds
- Position-token balances
Stop rebuilding exchanges. Start composing markets.
Most DeFi perp systems still look like centralized exchanges with transparent accounting. The venue remains the center: it owns the account model, execution path, price-feed dependency, funding logic, liquidation system, and listing surface.
S&F moves the center of gravity to the protocol. Price feeds, funding-rate discovery, position accounting, and settlement become open protocol layers. Markets can then compete on execution without becoming the source of truth.
Enter tokenized perpetual exposure through OTC settlement or instant secondary markets.
Provide liquidityBack synthetic exposure through funding-rate markets and earn protocol flows.
Submit pricesStake ETC, participate in oracle rounds, and earn bounties for accurate data.
Create marketsLaunch new synthetic assets and build execution around S&F position tokens.
Minting changes supply. Trading moves ownership.
Issue or redeem position tokens
OTC changes synthetic supply. It locks collateral or tokens, waits for the next oracle round, and settles against the protocol pool.
Trade existing tokens instantly
Markets move ownership of tokens that already exist. They compete on liquidity, routing, and UX without becoming the source of truth.
A lower layer than the exchange.
Hyperliquid, dYdX, GMX, and Synthetix-style systems can be strong venues or liquidity networks. But the market is still organized around a venue. S&F is aiming at the lower layer: a decentralized perp market where feeds, funding discovery, positions, and settlement can all live in the open protocol.
ETC keeps the collateral side simple.
If S&F is meant to be a common base for perpetual exposure, settlement should not depend on a venue chain, bridge, sequencer, or company-controlled collateral system. ETC is the app-wide settlement asset.