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Departure from Radix (August 2026)

On 19 August 2026 CaviarNine announced that it is winding down its products and leaving the Radix network. Co-founder Oliver Scott-Simons (Tronn) posted the announcement at 08:23 UTC in the main Radix Telegram channel, dating it to the fifth birthday of $FLOOP — by CaviarNine's account the first utility token on Radix, minted two years before smart contracts existed on the network. A longer retrospective was published the same morning at medium.com/caviarnine.

What happens to each product

  • The CaviarNine DEX moves to withdraw-only mode. Trading and new liquidity positions end on the site, the smart contracts remain on ledger, and liquidity providers are asked to plan on removing their positions. The change had not been made when this page was updated: caviarnine.io was still serving the full trading interface on 19 August 2026.
  • Surge unwinds in stages. A date is to be announced for the orderly closing of all open positions, after which unclaimed collateral is to be bridged to Ethereum and held for later claiming.
  • JustLock is unaffected, because it runs entirely on ledger: locking and unlocking continue to work as they always have.

No deadline was set on the day and no immediate action was required of users, but withdrawals will be needed over the coming months, with notice promised before each step and a pinned FAQ in the project's channel.

"We are not switching the DEX off": a sunset page, not a switch-off (21 August 2026)

Two days after the announcement, co-founder Oliver Scott-Simons (Tronn) corrected the reading many people were taking from it, in CaviarNine's own Telegram channel at 12:41 UTC on 21 August 2026: "We are not switching the DEX off. The smart contracts stay live on ledger. What changes is our website: it will be replaced with a simple sunset page, no backend, supporting remove LP only."

The distinction is the one this page's self-custody section measures at the ledger, stated by the operator in its own words. What is being retired is a front end, not a set of components: "anyone can build and run their own front end to any of the components, today or in a year. The contracts are there, the liquidity mechanics are there and nothing we do to our website affects that." Practically, that means existing liquidity stays callable and tradeable by anything that can address the components, while the operator's own site will only support removing positions.

That is not hypothetical. Astrolescent's Timan confirmed in the main Radix channel the same afternoon that "Astrolescent will also still consider those pools when offering trades" — an aggregator routing through CaviarNine's pools keeps them reachable to traders after the site goes — while noting that adding liquidity will need a new interface: "People won't be able to add to the pools without a new UI. The rest should still work."

The admin badges, and an open request

The one thing a third-party front end does not inherit is configuration. Earlier the same day a community member asked CaviarNine to hand the admin badges of the live components to the Radix Accountability Council, arguing that the components, the liquidity and the track record are all still there and that the badges — which touch fees and configuration — should at least sit in trustworthy hands. The council has somewhere to put them: it already operates a multisig account holding initial treasury badges, currently including the Consultations Master Badge.

CaviarNine has not answered. Tronn treated it as a separate question from front ends "since badges touch fees and configuration", and said the team would "take it away and come back with a considered answer rather than a quick one". At the time of writing no handover has been announced or recorded on ledger.

The self-custody claim, read on the ledger

CaviarNine's assurance that "everything is self-custodial" is checkable rather than promised, and the ledger corroborates it. LSULP, the LSU Pool unit that Surge and other protocols accept as collateral, was read live at epoch 336,318 on 19 August 2026: total supply 267,774,125.70, with freezer and recaller both set to deny_all and mint and burn gated behind a component badge — and every one of those rules immutable. A departing operator has no lever over the balances users hold: it cannot freeze, recall or unilaterally reissue the pool unit, and the pool's contracts stay callable on ledger whatever the front end does.

The unwind is visible at the ledger before it is visible on the front end. Re-read twelve hours after the announcement, at epoch 336,462 (19 August 2026, 23:08 UTC), LSULP's total supply had fallen from 267,774,125.70 to 263,942,458.90 — 3,831,666.80 units redeemed, about 1.4%, in a single day — while caviarnine.io still served the full trading interface, byte for byte the page it served that morning. The remaining supply is concentrated: Weft Finance holds 62,410,923.97 LSULP across three components (23.6%), the RSwap LSULP/DCKS pool 17,293,134.15 (6.5%), CaviarNine's own HyperStake LSULP/XRD pool 9,783,770.32 (3.7%) and Stabilis 1,053,413.26, out of 940 holders in all.

Why, and the numbers behind it

The stated reason is economic: CaviarNine says the economics of operating on Radix no longer work and that the network is far from what the team signed up for in the early years, and that it would rather wind down with notice than fade out quietly. The scale of the fall is measurable. DefiLlama puts CaviarNine's total value locked at a peak of $42,087,970 on 9 April 2024 and at $452,231 on 19 August 2026 — a decline of about 99% over 28 months.

What leaves with it is most of the network's on-chain trading. Over the 30 days to 19 August 2026, DefiLlama's Radix DEX aggregate recorded $691,078 of volume, of which CaviarNine's Shape Liquidity accounted for $433,640 and its LSU Pool a further $43,874 — 69% of the network total before counting the CaviarNine Aggregator's $48,946. The venue announcing its exit is still the largest one on the network.

Where the team goes

CaviarNine is not dissolving. Its website was rewritten the same day as "A New Chapter", describing a team that now builds Cantex — a Canton-native AMM — and runs CaviarLabs as a Web3 software house, with the Radix products listed alongside earlier decommissioned ones. The announcement's closing line draws the distinction plainly: "This is goodbye to Radix, not CaviarNine."

CaviarNine was the largest DeFi ecosystem on Radix by total value locked and by trading volume, and announced on 19 August 2026 that it is winding those products down and leaving the network — the terms and the timetable are set out in the section above. The product descriptions below describe the suite as operated up to that announcement. The CaviarNine suite of products is also referred to as the FLOOP DeFi Ecosystem after its native $FLOOP token.

Background

The platform is owned and operated by CaviarNine Limited BVI, a company incorporated in the British Virgin Islands. The CaviarNine ecosystem includes various services, such as The Aggregator and liquidity provisioning tools, developed by Caviar Labs, a Singapore registered software development house and subsidiary of Invariance Pte Limited.

Products

Aggregator

The Aggregator is a unified front-end gateway to all liquidity on the Radix network. Initially known as DSOR (Decentralised Smart Order Router), it has been revamped and rebranded under the CaviarNine umbrella. The Aggregator's primary function is to ensure traders get the best possible price by aggregating liquidity from various sources. It searches all known DeFi smart contracts for liquidity, ensuring users get the best trade across all liquidity sources on Radix. The Aggregator connects to DEXs, order books, token bridges, validators, and other liquidity sources, ensuring traders don't have to rely on a single DEX for the best price.

Fee Structure

A minimal fixed fee is charged by the Aggregator, which is waived when routing to any CaviarNine liquidity. All fees accrued are directed to the FLOOP Treasury, controlled by the FLOOP DAO. These fees can potentially be converted into $FLOOP and either burned or used for long-term liquidity rewards.

Index Pools

Index Pools are multi-token pools that allow for bespoke liquidity provision, each characterized by different constituents, weights, and risk profiles. Pools can comprise between 2 and 9 distinct tokens.

Fee Structure

Index Pools incorporate a minor fixed fee component along with a dynamic liquidity fee meaning that in volatile market scenarios, liquidity providers receive increased fees as a buffer against impermanent loss. Liquidity providers (LPs) receive a portion of the liquidity fee proceeds. As per FLOOP Tokenomics part 1, the fixed fees are directed to the FLOOP Treasury, which is overseen by the FLOOP DAO. These fees might be converted into FLOOP and either burned or allocated for extended liquidity rewards.

Order Book

Order Book is low-fee market and limit order system, which stands as an alternative to CaviarNine’s standard Automated Market Maker (AMMs). The Order Book also provides options for immediate execution or cancelation on partial fills. While Order Books allow traders to specify exact prices for transactions, they don't guarantee order fulfillment. AMMs, on the other hand, guarantee trade execution but can vary in price based on pool liquidity and trade size.

Fee Structure

A nominal fee is charged by the Order Book and directed to the FLOOP Treasury, which is overseen by the FLOOP DAO.

Shape Liquidity

Shape Liquidity is an Automatic Market Maker (AMM) that allows liquidity providers (LPs) to focus their positions on active trading zones within specific price ranges, using a variety of concentrations. This is more capital efficient and enables LPs to generate higher fees from their available capital.

Shape Liquidity provides various shapes for liquidity concentration, such as:

  • Constant Height Range: Maintains a steady concentration of liquidity over the desired price range.

  • Center-Peaked Curve: Liquidity peaks at the center of the range and tapers off towards the edges.

  • Bar-Bell Shape: Ideal for providers who anticipate significant trading activity around two specific regions.

Fee Structure

Shape Liquidity features both a fixed fee and a dynamic liquidity fee that auto-compounds to the underlying position, acting as a cushion against impermanent loss. Liquidity providers share the proceeds of the liquidity fee, while fixed fees are sent to the FLOOP Treasury.

LSU Pool

The LSU Pool is a multi-token pool for Radix’s Liquid Staking Units (LSUs) that represent shares of the staking pool. Each LSU is associated with specific validators, who may offer bespoke rewards for staking with them. The LSU Pool offers multiple ways for users to utilize their LSU tokens, such as moving between validators, facilitating Instant Unstaking, and providing additional yield to LSU Pool liquidity providers.

Instant XRD Unstaking allows users to send an LSU and receive XRD instantly, albeit at a slightly reduced amount compared to waiting the standard 7-day unstaking period. This feature provides flexibility and immediate liquidity to users.

Fee Structure

In line with FLOOP Tokenomics part 1, fixed fees are directed to the FLOOP Treasury, controlled by the FLOOP DAO.

Perpetual $XRD

Perpetual XRD (pXRD), is a Market-Driven Liquid Staking Derivative on Radix. Initially set at a 1:1 ratio with XRD, pXRD's future price is determined by an on-chain oracle that takes into account the yields of active validators. This ensures that pXRD's growth rate is in line with the performance of top-tier validators. Users can deposit eligible collateral into a vault, and pXRD is automatically minted against it. They can receive up to 95% of the value of their collateral as pXRD. The system offers high leverage opportunities due to the low volatility of pXRD and its eligible collateral. If the eligible collateral drops below a certain threshold (e.g., 102% of the pXRD value), liquidation occurs. Anyone can claim the collateral by supplying pXRD and earn the difference.

The main types of collateral include XRD (Radix's native token), LSUs (any validator token), LSU-NFTs (claim token receipts obtained after unstaking from a validator), and LSU-LP (Liquidity Pool tokens from CaviarNine's LSU Pool).

The consistent increase in Perpetual XRD's price offers a systematic, yield-based valuation process, eliminating sudden price-driven liquidations.

Users can earn above-average yields, unlock the potential of their XRD, and benefit from a staked XRD derivative designed for DeFi protocols. The system also offers arbitrage opportunities and charges a nominal protocol fee.

Perpetual XRD is perfect for those seeking stable growth, risk managers, and yield hunters.

Fee Structure

Similar to FLOOP Tokenomics part 1, the protocol fees are directed to the CAVIAR Treasury, which is overseen by the CAVIAR DAO.

Radit

Radit.io was an on-chain messaging service but has been discontinued.

Team

The CaviarNine team is diverse and spread across Thailand, Singapore, Canada, and Australia, with its headquarters in Bangkok. The founders, Oliver Scott Simons (aka Tronn) and Chris Colman, have extensive backgrounds in finance and technology. Their mission is to provide users with seamless access to professional-grade innovative DeFi products and unlock the full potential of DeFi.

Tokens

CaviarNine has introduced two primary tokens: $FLOOP and $CAVIAR. These tokens are associated with the platform's DeFi products and serve as utility and DAO tokens. They were minted prior to the Babylon upgrade and the start of dApps on Radix. Holders of these legacy tokens can bridge them to the Babylon versions that power CaviarNine's products.

Floop ($FLOOP)

Babylon $FLOOP tokens will power the expanding ecosystem and serve as governance tokens for the nascent FLOOP DAO. Users will have the option to transition their existing Olympia $FLOOP into Babylon FLOOP via a one-way bridge.

Distribution

Around 55% of the original $FLOOP tokens were distributed via airdrops. Following the Babylon upgrade, the distribution of the original $FLOOP tokens is anticipated as follows:

  • Core Team: 200 FLOOP (20%)

  • Company Reserve: 200 FLOOP (20%)

  • Airdrops to LPs active within the FLOOP ecosystem (5%)

Caviar ($CAVIAR)

Babylon $CAVIAR, akin to $FLOOP, will be a newly bridged token that will power future DeFi structured products that CaviarNine intends to develop.

FLOOP DAO

The FLOOP Decentralized Autonomous Organization (DAO) is the cornerstone of the vision for a decentralized and community-driven ecosystem. Babylon $FLOOP tokens will be the backbone of the DAO, enabling decentralized decision-making that shapes the ecosystem's direction.

Recent Developments (2025–2026)

HyperStake

HyperStake is an automated LSULP/XRD concentrated liquidity pool that generates yield from three sources: instant unstakers who pay premiums to bypass the standard 7-day unstaking period, 7-day depositors, and traders swapping between the two assets. The pool is configured at -1.5% to 0% of the NAV price of LSULP to XRD, concentrating capital in the most active trading zone. It features auto-rebalancing – the pool automatically adjusts its liquidity range based on market conditions – and a no-loss guarantee that protects deposited principal even in volatile conditions. Fee distribution is 80% to liquidity providers, 10% to CAVIAR token supply reduction via fee vaults, and 10% to treasury reserves.

THORSwap Integration & Cross-Chain Swaps

CaviarNine is one of 11 decentralized exchanges integrated with THORSwap, unlocking cross-chain swaps between Radix and over 27 assets across six blockchains including Bitcoin and Ethereum. This integration enables anyone outside the Radix ecosystem to swap directly into Radix-native tokens such as $HUG, $EARLY, $CAVIAR, and $OCI via liquidity on CaviarNine, with THORSwap supporting 788+ tokens.

Radix Rewards Campaign

CaviarNine is a key participant in the Radix Rewards campaign, a 1 billion XRD incentive programme designed to reward genuine DeFi participation with anti-Sybil mechanisms. Liquidity providers on CaviarNine earn Activity Points proportional to their position size and duration, which convert weekly into Season Points with multipliers (0.5x to 3x) based on XRD/LSU holdings. CaviarNine offers exclusive opportunities unavailable on other DEXs, including LSULP and HyperStaking pools.

SuperStaking

CaviarNine launched a $14 million liquidity staking initiative called SuperStaking, further cementing its position as the primary liquid staking infrastructure on Radix.

ShardSpace AdminLast updated 5d agov5.3.020 revisionsVerified Aug 21, 2026