Perps venue N1 acquires 01 Exchange to consolidate under single trading stack

N1 said it is acquiring 01 Exchange and consolidating all trading activity under its own venue at app.n1.xyz, bringing the perps application fully in-house on top of the N1 infrastructure stack.

The company framed the move as a shift from incubation to full ownership of its flagship exchange, arguing that networks need to control infrastructure, liquidity, distribution and UX rather than operate as commodity L1 compute.

01 Exchange, which was incubated in the N1 ecosystem and already ran on N1’s infra, has handled more than $3 billion in trading volume across over 25,000 traders, according to the announcement.

Effective immediately, 01 is being sunset as a separate destination, with app.n1.xyz becoming the sole venue. N1 said no asset migration is necessary, user funds are unaffected and all points earned on 01 will be recognized and visible on the N1 app.

The firm plans to launch the first season of N1 points and is permanently increasing referral rewards to 10%. Because N1 built the margining engine and orderbook, it expects trading performance to improve rather than slow during the transition.

N1 also previewed its upcoming N1 2.0 upgrade, internally called Nord Nova, which is aimed at adding deeper liquidity, more markets, RFQ, vaults, equities and additional on-chain financial products on the network.

Native iOS and Android apps are currently in internal testing and are slated for release soon, as N1 looks to compete with vertically integrated exchanges that own both core trading infrastructure and the end-user experience.