what's hibachi?
Hibachi is a decentralized trading protocol designed for professional traders, emphasizing speed, security, and transparency in perpetual futures trading. It leverages zero-knowledge (ZK) proofs to ensure verifiable solvency and privacy-preserving execution, allowing users to trade with confidence without relying on blind trust. Built on a hybrid architecture, it combines off-chain performance with on-chain verifiability, posting encrypted state to data availability layers like Celestia for reconstruction of balances even in outage scenarios. Key features include sub-10ms execution times, advanced risk management for liquidations, and integrations with ecosystems like Base for enhanced liquidity. The platform supports delta-neutral strategies and open interest-based rewards through points programs, aiming to rival centralized exchanges in user experience while maintaining decentralization. It focuses on pro-level tools such as tight spreads, stop-loss mechanisms, and fee rebates to attract active traders.
Recent podcast feature on "Magnificent 7" thesis boosts hibachi awareness as investable asset.
Links
x.com/hibachi_xyzFeatured in a podcast episode discussing investable crypto assets and the "Magnificent 7" thesis for 2026, increasing awareness among listeners of The Rollup.
Expected to launch in first half of 2026 among list of promising new project launches.
Hibachi listed among projects yet to conduct Token Generation Event, with TGE anticipated in 2026.
Coinbase Ventures identifies Hibachi as a builder of private perp exchanges in their 2026 outlook, positioning the project within the privacy-focused trading infrastructure category alongside privacy layers using ZK, FHE, MPC, and TEE technology.
Celestia co-founder names Hibachi as one of six projects pioneering high-performance onchain trading built on Celestia's infrastructure, which offers 2ms latency, 6 second finality, and ~200k TPS bandwidth.
Platform has less than 10,000 daily active users and is considered early in product lifecycle with unsaturated user base.
Pre-point season ends and regular points season launches next week, with 100% fee rebate available and points earned from maintaining Open Interest positions.
Ranks at position #16 out of 18 in unofficial perp DEX rankings, down from #14 in the previous ranking.
Moves up to #14 position out of 18 in unofficial perp DEX rankings, up from #15 out of 17 in previous ranking.
Ranked #15 out of 17 perpetual DEX platforms in an unofficial market ranking, below competitors like Hyperliquid (#1), Paradex (#7), and Reya (#14).
Positioned among 14+ tokenless perp competitors as a privacy-based ZK perp market, with market observer noting saturation in the space as traders actively farm 3-4 platforms simultaneously.
Research article on Fat App Protocol and appchains features Hibachi alongside established protocols including HyperliquidX, Paradex, Lighter, and BulletXYZ, focusing on performance and efficiency of modular infrastructure.
Community event 'Seoulish Mamo' held in Seoul with Celestia, Doma Protocol, and Hibachi as co-sponsors, indicating collaborative ecosystem activities and geographic expansion into Korea.
Current basis trades show frequent discrepancies with major market pricing, presenting potential arbitrage opportunities.
Pre-Season points program ends in 8 days with main season launching in October, featuring 2-5x increased difficulty for point farming.
Current competitive environment remains low with $100k-200k notional volume sufficient for top 15%-5% user status.
Pre-Season Points program ends in 2 weeks, transitioning to more competitive main season point program.
Top 10% platform status requires $228k volume and 2300 points, achievable with $100 initial investment despite potential $70 loss.
Staking ecosystem expands with Cysic prover integration reaching ~5M stake and new community provers joining the network.
New points-based yield farming program launches with tiered loyalty system, NFT rewards for top 200 traders, and mystery box mechanics offering 5-5,000 points per 10,000 Sparks earned.
Trading volume spikes to $62M daily, representing 400% week-over-week growth.
Integrates Celestia blockchain for data availability layer alongside existing Succinct Labs infrastructure for ZK-powered perpetuals exchange.
Open Interest for DOGE perpetuals shows massive disparity between platforms ($270M on Hyperliquid vs 15,604 DOGE), with unique DOGE-denominated contracts differentiating from USD standard.
Smart contract analysis reveals multiple security vulnerabilities contradicting fund safety claims, with issues extending beyond EOA upgrader concerns.
New Wynn upgrade implements privacy features for both perps and spot trading on ZK-powered CLOB
Implements SP1 technology for private liquidation prices and trading data with ZK security.
Succinct emerges as core infrastructure provider for ZK-powered perps exchange operations.
Emerges as key contender in CLOB wars alongside established players like Celestia and Hyperliquid.
Implementation uses Boundless ZK technology for off-chain CLOB verification with Celestia DA
New DEX contender emerges with Celestia-based sovereign rollup and RiscZero ZK technology, built by Hashflow veterans.