Messari Report: Decibel is building a powerful and the most transparent decentralized exchange (DEX)

BlockBeats News, February 20th. According to the latest special report by Messari, the full-chain perpetual contract protocol Decibel, built on the Aptos public chain, is creating a high-performance, more transparent decentralized trading platform.

The report points out that the core feature of Decibel is that transaction matching, risk management, and settlement are all executed on-chain, and it adopts a Unified Margin system, allowing users to collateralize multiple market positions with a single collateral asset, thereby improving capital efficiency. On the technical side, Decibel leverages Aptos's Block-STM parallel execution engine and a low, predictable fee structure to provide high-throughput, low-latency infrastructure support for derivative trading.

In terms of liquidity design, Decibel introduces an officially managed DLP as core liquidity provision and clearing support, where participants can share in clearing fees and market-making rewards. The report also mentions its introduction of the native collateral asset USDCBL: users depositing USDC will convert it to USDCBL, and the protocol can operate and fee structure supported by reserve asset returns.

In terms of progress, the mainnet Beta is about to go live, initially supporting 12 trading pairs and rapidly expanding to around 50 mainstream trading pairs. In Q1 2026, the platform will also launch multi-asset collateral functionality (including supporting DLP LP tokens as collateral) and expand to real-world asset perpetual contracts such as stocks, commodities, and ETFs. Q2 plans to launch spot trading and integrate Aptos DeFi revenue, with token issuance and institutional integration expected within 2026.