Hotstuff | A DeFi L1 for 24/7 Trading of Crypto, Stocks, and RWAs — Features and How to Use It

Hotstuff is a DeFi-native Layer-1 blockchain decentralized exchange (DEX) that offers 24/7 perpetual trading not only for crypto assets but also for US stocks, ETFs, and Real World Assets (RWAs). Evolving from its predecessor, Syndr Protocol (founded in 2021), into an independent Layer-1 blockchain optimized for order books and margin management, it launched its mainnet in February 2026. This article outlines Hotstuff's mechanism, how to participate, its points program, and the risks to consider before getting started.

👉 Visit the official Hotstuff website

The key to understanding Hotstuff is that it is not just a simple Perp DEX; it is attempting to bring multiple asset classes—crypto, stocks, ETFs, and RWAs—onto a single trading infrastructure. First, let's look at the basic project information.

Since its mainnet launch, Hotstuff has recorded a cumulative trading volume exceeding $1 billion across crypto and RWA perpetuals. Furthermore, in May 2026, it expanded its offerings by adding a 24/7 tokenized spot market for stocks, ETFs, and crypto.

Hotstuff's standout feature lies in its architecture, which allows users to trade US stocks, ETFs, and RWAs alongside crypto perpetuals within the exact same margin account.

While existing Perp DEXs like Hyperliquid focus primarily on crypto assets, Hotstuff tokenizes tickers such as Netflix, Tesla, NVIDIA, the S&P 500, and the Nasdaq-100, enabling users to trade them 24/7 with up to 50x leverage. Free from the constraints of traditional stock market trading hours, managing both crypto and stock positions in a single account offers significant capital efficiency for cross-market users.

However, depending on the asset, spreads can be wide, which may lead to substantial slippage during execution. It is highly recommended to check the actual liquidity on the order book before placing trades.

On the technical side, Hotstuff claims over 200,000 TPS, a 75ms block time, and 150ms finality through its proprietary DracoBFT consensus mechanism. Additionally, its plans to integrate fiat rails like ACH, SEPA, and PIX to support deposits and withdrawals across more than 190 countries highlight its ambition to onboard users who are less familiar with on-chain operations. That said, these deposit/withdrawal paths are not yet visible in the current UI, so full implementation remains a milestone for the future.

It is worth pausing to consider why many Perp DEXs shy away from handling stocks and RWAs. While synthetic protocols like Ostium specialize in RWAs, tokenizing stocks brings inherent difficulties regarding price references when the underlying traditional markets are closed, oracle designs, and compliance with securities regulations. Hotstuff navigates this by utilizing xStocks-type assets, tapping into asset-backed RWA tokens to clear these hurdles.

At present, the Hotstuff token has not been issued. The project is currently running a points program ahead of its scheduled TGE (Token Generation Event).

Crucially, the exact conversion ratio of points to future tokens has not been officially locked in. While points are distributed every Monday at 12:00 UTC, the conversion rate and total allocation pool can still be adjusted later. Realistically, points should be viewed as an unconfirmed entitlement rather than pre-calculating their future "value."

Hotstuff is currently running its points farming program. Based on a snapshot taken on February 26, 2026, the project announced it retroactively distributed 1.4 million points to over 1,800 early users, bringing the cumulative total distributed to roughly 5.9 million points. The program is expected to conclude by Q3 2026, leading into the subsequent TGE. However, given the saturation of the Perp DEX sector, it is difficult to grasp what the final FDV (Fully Diluted Valuation) will settle at. It is wiser to compare other products, diversify your capital, and start with a small amount.

The general flow to participate is as follows:

1. Access the Hotstuff App and connect your Web3 wallet.
2. Deposit USDC or other supported assets (compatible with Ethereum Mainnet) as margin.
3. Trade crypto and RWA perpetuals, and earn points by maintaining open positions.
4. Deposit into the Hotstuff Liquidity Vault to target both points and Vault APR (Optional).

Note that while delta-neutral strategies are often considered efficient, leverage trading means pushing for larger positions just to farm points comes hand-in-hand with liquidation risk. Losing capital on a position just to get points defeats the purpose, so please review the following risk sections carefully.

👉 Check the latest points program terms on the official Docs

Additionally, trading competitions are held regularly. Keeping an eye on these alongside your trading requirements presents an opportunity to stack both prize pools and points simultaneously.

Before interacting with Hotstuff, let's break down the risks. First and foremost, the token is unissued, meaning the future value of the points remains speculative. The TGE timeline is strictly on an announcement basis ("Scheduled for Q4 2026"), and neither the tokenomics nor the conversion rates have been made public. You should avoid treating points as realized asset value and account for potential delays or shifts in terms.

Second are the liquidity and oracle risks unique to a nascent L1. In particular, tokenized US stocks and ETFs face the challenge of determining asset pricing when the underlying traditional markets are closed. In conditions where oracle data feeds are sparse or order books are thin, traders are highly vulnerable to unexpected slippage or adverse liquidations caused by price spikes/wicks during volatile periods. Utilizing high leverage up to 50x can drastically amplify losses under these exact scenarios.

Looking at the roadmap, Hotstuff has already crossed two major milestones—launching its mainnet and introducing the tokenized spot market. It is now moving through the points program toward its TGE. Based on official announcements, its current timeline sits as follows:

• Completed: Mainnet Launch (February 2026)
• Completed: Launch of 24/7 Tokenized Spot Market for Stocks, ETFs, and Crypto (May 2026)
• In Progress: Points Program (Expected to end Q3 2026) → TGE (Scheduled for Q4 2026)

On the fundraising front, while the total amount raised remains undisclosed, the investor lineup features prominent names in the DeFi ecosystem. Backers include Delphi Ventures, Dialectic, Stake Capital, and Outlier Ventures, along with angel investors such as 1inch co-founders Anton Bukov and Sergej Kunz, and Gnosis co-founder Stefan George. While the quality of investors offers a degree of institutional credibility, the lack of data on the exact funding amount should be factored into your risk assessment.

Hotstuff is best suited for traders who already have experience with perpetual trading and possess a firm grasp of their own stop-loss rules and leverage management. Specifically, it offers an interesting testing ground for individuals looking to trade crypto, US stocks, and RWAs seamlessly out of a single account, or for those wanting to engage with a nascent L1 points program early using small amounts of capital.

Conversely, it is not suited for beginners who do not fully comprehend leverage mechanics and liquidation thresholds. Furthermore, because this is not the type of campaign that guarantees fixed distributions or transparent payouts right now, you should avoid deploying capital under the assumption that a large payout is "promised." It is more practical to evaluate it as a unique trading tool while remaining mindful of the unconfirmed variables.

• 🌐 Official Website: hotstuff.trade
• 📱 App: app.hotstuff.trade
• 🐦 X (formerly Twitter): @tradehotstuff
• 💬 Discord: Hotstuff Discord
• 📄 Documentation: docs.hotstuff.trade

Hotstuff is a DeFi-native Layer-1 perpetual exchange aiming to provide 24/7 trading for crypto, stocks, ETFs, and RWAs through a single consolidated margin account. Evolving from Syndr Protocol into an independent L1, the project successfully captured significant trading volume early after its mainnet launch and quickly rolled out its tokenized spot market.

That being said, its strengths must be balanced against its clear structural considerations. While the multi-asset integration and proposed broad fiat rails are highly compelling, the token remains unissued, conversion rates are unconfirmed, and oracle/liquidity risks unique to tokenized equities remain alongside the typical execution risks of a new platform.

If you choose to use it, the most practical approach is to test the trading experience with small sizes to explore cross-asset opportunities rather than hunting for guaranteed rewards. We recommend reviewing the official documentation and info channels first to ensure the platform fits within your personal risk tolerance.

👉 Check the latest updates on the official Hotstuff website