For years, Ethereum has been synonymous with decentralized finance. It pioneered onchain financial tools like lending protocols and tokenized assets, which today underpin much of the crypto economy. But one of crypto’s fastest-growing sectors, perpetual futures, or “perps”, has largely flourished elsewhere.

Ask traders where onchain perpetuals live today, and the answer is more likely to be Hyperliquid or Solana than Ethereum. That is because perpetuals demand something Ethereum’s base layer was never designed to optimize for: extremely fast, low-cost, high-frequency trading.

“Perps require frequent transactions, fast execution, and deep liquidity,” said AJ Warner, chief strategy officer at Offchain Labs, the main developer firm behind…