OKX Ventures May Monthly Report: Investments in Prisma, Rage Trade, and Shutter Network Spanning LSD, Decentralized Derivatives, and MEV Sectors
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OKX Ventures May Monthly Report: Investments in Prisma, Rage Trade, and Shutter Network Spanning LSD, Decentralized Derivatives, and MEV Sectors
OKX Ventures continues to show strong confidence in sectors such as the ZK ecosystem, infrastructure, DeFi, and Web3.0.
Navigating Web3 tides with focused insightsOver the past month, the crypto industry has been rapidly evolving, and OKX Ventures has witnessed this accelerated development:
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BTC ecosystem continues to grow rapidly, with OKX introducing the concept of BRC-30. BRC-30 adopts the design principles of BRC-20 and introduces staking-related functionalities such as deposit, mint, and withdrawal. BRC-20 experienced significant growth in May, reaching a total market cap of $475 million with over 24,000 BRC-20 tokens. By increasing demand for block space, BRC-30 can generate higher revenues for miners and bring new communities to Bitcoin, enhancing its ecosystem vitality. OKX Ventures remains firmly bullish on the Bitcoin ecosystem and will continue monitoring its progress, collaborating with partners like Unisat to lead the industry and drive continuous exploration.
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ZK Layer2 ecosystem is developing rapidly. Leading the charge, zkSync Era has surpassed $440 million in TVL, showing strong upward momentum and ranking third among all Layer 2 ecosystems. Within just three months, cumulative depositors surged from 10k to 770k—a nearly 80-fold user expansion. Approximately 20k accounts contributed over 27 million transactions during this period. Although TVL still lags significantly behind Arbitrum and Optimism, zkSync’s daily user payments have gradually overtaken both.
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Multi-chain infrastructure leader LayerZero's flagship project Stargate has grown over 300% since March, with active users increasing 30-fold, maintaining around 150k users. It offers users more convenient trading methods, cheaper cross-chain transfer fees, and enhanced security. The MEV sector also maintains solid momentum, with MEV TAM accumulating to approximately $450 million. Flashbots has launched new features such as SUAVE.
Throughout May, OKX Ventures maintained close attention on the industry, remaining bullish on ZK ecosystems, infrastructure, DeFi, Web3.0, and other key sectors, making strategic investments in projects including Prisma, Rage Trade, and Shutter.
Prisma
Project Overview
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Prisma Finance is an LSD (Liquid Staking Derivatives) stablecoin protocol focused on unlocking the full potential of Ethereum liquid staking tokens.
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Prisma allows users to mint a fully collateralized stablecoin (acUSD) backed by liquid staking tokens. This stablecoin is incentivized on Curve and Convex Finance, creating an efficient capital flywheel where users earn not only Ethereum staking rewards but also trading fees, CRV, CVX, and PRISMA tokens.
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Prisma’s codebase is entirely immutable, built upon Liquity, aiming to create a robust protocol and a truly decentralized stablecoin with favorable and flexible collateral parameters that appeal to those seeking to maximize their LST exposure without the risks associated with other stablecoins. The Prisma DAO will manage parameters, emissions, and protocol fees.
Key Highlights
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Prisma enables users to mint its native over-collateralized stablecoin (acUSD) using any of the following LSTs, offering unprecedented capital efficiency for holders of liquid staked ETH tokens. Loans backed by LSTs are automatically repaid through Ethereum staking rewards.
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Built on Liquity with full immutability, Prisma aims to establish a resilient protocol and a genuinely decentralized stablecoin. Its flexible collateral parameters attract users who want to fully leverage their liquid staking tokens. The Prisma DAO will oversee parameter management, token emissions, and protocol fee distribution. The project has received support from leading figures and protocols including Curve Finance, Convex Finance, and FRAX Finance.
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OKX Ventures believes the Ethereum liquid staking token (LST) market has grown rapidly in recent years, now valued at $18 billion—approximately 10% of Ethereum’s total market value—and has become the largest DeFi category by TVL and one of the most promising markets. Prisma Finance may represent one of the most promising directions within the LST sector.
Rage Trade
Project Overview
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Rage Trade is a cross-chain perpetual futures protocol built on the Arbitrum ecosystem, leveraging innovative UNI v3 vault strategies to recycle underutilized LP positions and create deep liquidity. The project officially launched on the Arbitrum network on December 13, 2022.
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Rage Trade’s core products include the Delta Neutral Vault and the 80-20 Vault. The Delta Neutral Vault allows users to earn ETH rewards on GMX in a delta-neutral manner via cross-chain recyclable liquidity. The 80-20 Vault ensures that at least 80% of LP tokens continue generating yield on their original protocols, while the remaining 20% serves as virtual liquidity for Rage Trade.
Key Highlights
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Cross-chain recyclable liquidity: Through LayerZero, liquidity from existing protocols—including AMMs (e.g., Curve), money markets (e.g., Aave), and derivatives protocols (e.g., GMX)—can be integrated into Rage Trade, significantly deepening the liquidity pool.
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80-20 Vault strategy: Enhances risk balance for the protocol, improving capital efficiency while preserving fund safety.
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Delta Neutral Vault: Provides liquidity on GMX in a delta-neutral way—by shorting ETH and BTC exposure through Risk-Off and Risk-On vaults on Aave—while earning ETH rewards on GMX. The advantage lies in reducing market risk to ensure consistent returns for GLP stakers.
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Utilizes the vAMM model, facilitating arbitrage: Since the vAMM does not rely on oracles to peg prices to underlying assets, it operates as an independent market, allowing arbitrageurs to hedge their CEX positions and profit from price discrepancies.
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OKX Ventures believes Rage Trade’s unique features offer users higher capital efficiency, deeper liquidity, smoother trading experiences, and more attractive LP yields.
Shutter
Project Overview
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Shutter Network is an anti-front-running and anti-abuse MEV protocol utilizing threshold encryption. Its primary focus is collaborating with L2s and sidechains to integrate this mechanism by adding an encrypted or shielded mempool, thereby protecting the entire rollup/sidechain from MEV while improving censorship resistance.
Key Highlights
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Current MEV practices remain a major obstacle to mainstream DeFi adoption. Today’s ecosystem largely relies on centralized solutions and trust assumptions—for example, relying on relays or sequencers—to mitigate these issues. Shutter improves this situation by offering lower trust assumptions for MEV, enhancing user experience and strengthening the robustness of decentralized markets.
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The Shutter team has made rapid progress in product implementation. The first instance of front-running and censorship protection using this technology is expected to be deployed on the Gnosis chain. Additionally, they have received funding from Optimism DAO as part of the initial step toward integrating an encrypted mempool into the OP stack. Shutter’s solution has gained recognition and demand across multiple ecosystems.
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OKX Ventures is bullish on the MEV sector, believing that Shutter effectively prevents malicious forms of MEV (such as front-running and sandwich attacks) while preserving “benign” MEV (arbitrage, liquidations). Furthermore, its technical architecture enables additional use cases, such as encrypted/shielded voting in Snapshot using the same threshold encryption DKG system.
About OKX Ventures
OKX Ventures firmly embraces the future of decentralized development and remains committed to betting on decentralization. We uphold our mission of supporting innovation in the crypto industry long-term. Unlike traditional financial investors, we don’t just provide capital—we also offer services and resources. We aim to grow alongside all our “entrepreneurial partners,” serving not only as discoverers of outstanding teams, products, and innovative technologies but also as enablers for top-tier startups. At the same time, OKX Ventures acts as a bridge between portfolio projects and the broader OKX ecosystem, which includes OKX Wallet, NFT Marketplace, and OKX Chain. Leveraging OKX’s extensive industry experience, we provide multidimensional platforms and comprehensive support for project growth.
Despite an unfavorable global macroeconomic environment and recurring black swan events, OKX Ventures focuses on the intrinsic development of the industry rather than arbitrary bull or bear cycles. We prioritize genuine theoretical innovation, practical new applications, measurable user inflows, and tangible expansion of the overall industry scale. We are optimistic about the upcoming developments in the Ethereum ecosystem, multi-chain ecosystems, Bitcoin ecosystem, infrastructure construction, and innovative applications in the coming months.
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