what's UpDown?

UpDown is a decentralized perpetual futures exchange focused on foreign exchange (FX) trading, built on the Celo blockchain. It enables users to trade leveraged positions up to 100x on major global currency pairs using stablecoins from the Mento protocol, which track real-world fiat currencies like EUR, JPY, GBP, and NGN. Key features include auto-deleveraging (ADL) to mitigate liquidation risks, settlement in underlying currencies or tokens, and access to the world's largest market without traditional intermediaries or account minimums. By bringing on-chain the $7.5 trillion daily FX market, UpDown democratizes leveraged currency trading for global users, particularly in emerging markets where certain pairs like NGN are hard to access elsewhere. Integrated with Celo's stablecoin ecosystem, it supports macroeconomic speculation via decentralized perpetuals, promoting financial inclusion through mobile-first, permissionless DeFi.

UpDown launched an onchain FX perpetuals DEX with 100x leverage for FX trading on Celo.