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gm Bankless Nation,
New apps are furthering the bankless vision with onchain maximalism. In today's essay, David dissects MegaETH's World Markets and its fully onchain codebase.
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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:
- Everything Account: unified, portfolio-level margin across spot + perps + lending
- No ADL (auto-deleveraging)
- Atomic composability for strategies
- Verifiability of every state transition
- 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
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📈 The Asset
🏛️ The Protocol
📱 The Apps
- 1inch has reached +$800B routed onchain
- Aave published its plans for the DeFi United restoration effort
- Circle introduced a USDC nanopayments gateway on 11 EVM chains
- Coinbase deployed cbMEGA on Base
- Ethereum History unveiled Collections, curated sets of historic contracts
- EtherFi is deprecating weETH bridging on 8 chains
MegaETH launched App Wave 2 on Terminal and Flux, its KPI Rewards portal- Nouns declined to veto Prop 955
- Ostium rolled out its new liquidity engine
- Visa expanded its stablecoin pilot to Base, Polygon, Arc, Canton, and Tempo
🤫 The Privacy Stack
- Privacy Pools is gearing up for its testnet v2
- Soneium is integrating Privacy Boost into its L2
🐸 The Culture
- Ethereum’s 1st token swap appears to have been discovered
- Devcon 8 published a guide to Mumbai
- The EF hosted a video review of the +100 projects in The DAO’s Quadratic Funding Round
- The EF’s Ecosystem Support Program released its Q1 2026 allocation report
- DeFi United fielded collaboration across at least 6 DAOs
💽 The Tech
- Polymarket migrated to its CLOB V2 system
- Solidity released its latest upgrade
- Status Network is merging into Linea
- Superset is using Arbitrum as its hub chain
Markets are ripping despite $120 oil and an escalating war.
Ryan and David break down why the AI boom is drowning out macro risks, whether a wave of trillion-dollar IPOs could mark the top, and how DeFi just bailed itself out after its biggest hack ever.
Tune into this week’s Rollup! 👇
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