Crypto’s First Feature-Complete Onchain Exchange

There’s a mythological gold standard for going bankless that’s never quite been achieved before: a feature-complete exchange with an entirely onchain codebase. 

MakerDAO, Aave, and Uniswap all emerged around 2018-2019, and manifested the concept of "going bankless" – all of these apps were financial primitives with fully onchain codebases. Borrowing, lending, and trading were now actions achievable in a completely onchain, disintermediated way. 

The 2019 DeFi 1.0 apps were all built under the constraint of the times – 12 second blocktimes, small blocksizes, expensive gas fees. They would later become known as "Slow DeFi," i.e., DeFi apps that resonated with, and were constrained by, the physics of the underlying blockchain – Ethereum. 

Ethereum DeFi broke spot, perps, margin, and lending into separate protocols on separate codebases, because the chain underneath couldn't host them under one roof, whereas a TradFi brokerage puts all of these inside a single account. 

Enter World Markets – a fully onchain, feature-complete exchange live on MegaETH. World Markets has spot markets, margin accounts, perps, and borrowing/lending all built together into one universal financial platform. And critically, there is no ‘backend’ – the entire operation of the World Markets exchange is executed by code on MegaETH. No servers involved. 

World Markets is constructed in a way that mirrors TradFi exchange and brokerage platforms. By having spot-markets, margin, and borrowing/lending all on the same platform, World can leverage the product synergies created by controlling the entire product suite, and the entire state of the product-suite being fully onchain. 

World Markets’ 5 Onchain Superpowers: 

1. Everything Account: unified, portfolio-level margin across spot + perps + lending
2. No ADL (auto-deleveraging)
3. Atomic composability for strategies
4. Verifiability of every state transition
5. Credible neutrality of the matching engine

1️⃣ Everything Account

World collapses three previously standalone account types: spot trading, a perp position, or a margin position, into one single “universal margin account” – one single balance that collateralizes all of your positions. Their ATLAS risk engine can look at your positions as a portfolio – if you're long $100 of spot ETH and short $100 of ETH perp, it understands the trades cancel-out, and stops charging margin as if those were two independent bets – a massive capital efficiency unlock. 

This is how traditional brokerages work – they have a complete view of their customers' financial portfolios and can offer them products based on said portfolios, because the customers have given over custody and control to the brokerage. With World, you're handling this onchain – the bankless way. 

2️⃣ No ADL