Confidential
Seed Round
DXS
The Exchange
Protocol

A stable, open-source protocol for decentralized markets, built on a blockchain with unbounded scale.

$750K
Raising
$7.5M
Pre-Money Valuation
Equity
Instrument
DXS
Distributed Exchange System
dxs.app
01 / 12
The Problem
The Promise of DeFi
is Broken

Today's "decentralized" exchanges are centralized, unscalable, and carry existential regulatory risk.

Regulatory Risk & Centralization

Any utility token that appreciates with platform growth is deemed a security under the Howey Test. Governance tokens are not decentralization — they are centralized control with extra steps, creating a massive regulatory target.

Inherent Scaling Limits

Any account-based system is limited in throughput by design. Serialized transaction processing creates a bottleneck that prevents it from ever becoming a global settlement layer.

Poor Market Maker Environment

On-chain latency and unreliable transaction signals force market makers to widen spreads and carry excess capital, leading to thin, fragile liquidity.

The market has optimized for speculation, not fundamental infrastructure. The result is a fragmented ecosystem that cannot support global finance.
Confidential
02 / 12
The Opportunity
Proven Demand.
Flawed Supply.

Hyperliquid proved the world wants on-chain derivatives. The infrastructure to support that demand at global scale does not yet exist.

Its success highlights the gap: a limited, account-based L1 and a governance token (HYPE) — failing the tests of true decentralization. A temporary solution, not the future of finance.
Hyperliquid — Proof of Market
$7B+
Daily Trading Volume
<50ms
Execution Speed
Historic Milestone
~1% of COMEX Daily Volume
Silver (XAG) perpetuals reached ~1% of COMEX daily volume at peak — unprecedented for any on-chain venue. COMEX is the world's largest metals derivatives exchange.
Confidential
03 / 12
The Solution
The TCP/IP Layer
for Finance

DXS is not another DEX. It is a foundational, open-source protocol with a stable, fixed core — the same model that built the internet.

We don't need to invent new, complex scaling solutions. We are returning to the original, proven design for a global-scale electronic cash system.
Feature DXS Approach
Core Protocol Fixed and Stable. The fundamental rules of exchange are locked, ensuring predictability and eliminating governance risk. Like TCP/IP — it does not change.
Evolution Built on Top. New features, versions, and applications are built on the commercial layer, not by altering the core protocol.
Scalability Unbounded On-Chain. Built on BSV, restoring Satoshi's original design for limitless on-chain scaling. No throughput ceiling.
Decentralization Genuine. No protocol tokens, no governance mechanisms, no securities risk.
Confidential
04 / 12
Technology Choice
A Contrarian
Advantage

The market is blinded by a false narrative that Bitcoin cannot scale. The original protocol was designed for unbounded scale but was artificially limited. BSV restores this original design.

While our competitors are building on fundamentally limited systems, we are building on the only platform that has solved on-chain scaling.
Teranode — Proven in Production

After over 5 years in production, the release of Teranode proves BSV's unbounded scalability — providing the performance foundation for institutional-grade finance.

Performance vs. Alternatives
BSV (Teranode)10M+ TPS
Hyperliquid L1~200K TPS
Ethereum~30 TPS
Low & Stable
Transaction Fees
5+ Years
Production History
Confidential
05 / 12
Go-to-Market
The Path
to Liquidity

To win retail, you must first win liquidity. To win liquidity, you must win the Market Makers.

We are laser-focused on the one group that matters first: the liquidity providers. Everything else follows.
01
Our Focus Now

Foundation

TargetProfessional Market Makers
OfferingStructurally superior environment via UTXO advantage
GoalBuild deep, reliable, cheap liquidity
→
02
The Catalyst

Ecosystem

TargetExchanges, Brokers, Fintech Apps
OfferingAccess to a deep, cross-venue liquidity pool via DXS protocol
GoalNetwork of venues sharing the same liquidity
→
03
The Flywheel

Scale

TargetRetail Traders
OfferingBest-in-class execution — tight spreads, low slippage
GoalMassive retail volume attracts even more market makers
Confidential
06 / 12
The Market Maker's Edge
Why UTXO Wins

Market making is a latency and risk management business. UTXO provides an information advantage that is structurally impossible on account-based systems.

▮ DXS — UTXO Model

Core Logic
Transactions reference explicit, unique inputs. Intent is unambiguous from the moment of propagation.
Signal Quality
Actionable Signal. Conflicting spends are immediately visible. Intent cannot be silently replaced.
Hedging
Immediate. Hedge execution can occur as soon as the transaction is seen on the network.
Spread
Tighter — lower risk allows tighter spreads
Capital
Higher efficiency — less held in reserve
Execution
<20ms target
vs

▮ Others — Account-Based

Core Logic
Transactions mutate shared account state. Multiple transactions compete to modify the same nonce.
Signal Quality
Provisional Intent. Until block inclusion, ordering is uncertain and transactions can be replaced or repriced.
Hedging
Delayed. Must wait for a higher degree of certainty, increasing unhedged exposure and inventory risk.
Spread
Wider — uncertainty and risk require wider spreads
Capital
Lower efficiency — more capital buffering uncertainty
Execution
~50ms (Hyperliquid) to seconds (Ethereum)
In on-chain order books, UTXO turns network propagation into a trading signal. Account-based models turn it into a question mark.
Confidential
07 / 12
Business Model
A Two-Scope
Model

Strict separation between the non-profit public good and the for-profit commercial product. The same model that powers Linux, PostgreSQL, and the internet itself.

Foundation — Open standard, non-profit
Commercial — Licensed product, for-profit
Responsibility Foundation Commercial
Protocol Specification
Order Format & Settlement Rules✓✗
Canonical Interpretation✓✗
Reference Indexer (Slow, Correct)✓✗
Performance & Operations
Low-Latency Data Ingestion✗✓
High-Performance Matching Logic✗✓
Risk Engine & Hedging Tools✗✓
Trader UI & Dashboards✗✓
Performance Tuning & Optimization✗✓
Hosted Deployments & SLAs✗✓
How the Commercial Entity Makes Money
Turn-Key Licensing
Exchanges and fintechs pay a licensing fee for a production-ready, hosted trading application built on the DXS protocol.
Managed Infrastructure
Recurring revenue from hosted deployments, SLA contracts, and performance-tuned infrastructure managed by the DXS team.
Protocol Services
Premium indexing, risk engine access, and hedging tooling sold as add-on modules to commercial licensees.
Confidential
08 / 12
Track Record
We Have
Shipped
Before

We are not first-time founders with a whitepaper. We built a live financial product, operated it at scale, and used what we learned to build DXS.

$7B
Volume Processed
1,000+
Monthly Active Users
3+ Yrs
Live in Production
1

Phase 1 — Validation (Complete)

We designed, built, launched, and ran a semi-custodial CFD derivatives trading platform. It gave us 3+ years of hard operational data on what on-chain financial products actually need to work in practice.

2

Phase 2 — Decentralization (Now)

The CFD platform was our R&D lab. The custody model, the latency constraints, and the liquidity fragility we observed firsthand are exactly the problems DXS is designed to eliminate. The UTXO-based peer-to-peer order book protocol is the direct result of those 3+ years.

We know what we are building because we have already built the thing it replaces.
Confidential
09 / 12
The Ask
$750K
Seed Round
$7.5M
Pre-Money Valuation
Equity
Instrument

We have proven the technology and the model. This funding is for commercial expansion beyond our initial market.

Use of Funds
Open-Source Infrastructure
Fund core developers to support the non-profit Foundation and protocol.
Commercial Product Dev
Build out our v1 licensed turn-key trading application.
Business Development
Onboard the first wave of commercial licensees outside the BSV ecosystem.
Team & Operations
Expand engineering and BD teams for a 12-month runway.
What Investors Get

Equity

Stake in the commercial entity building the licensed software.

First-Mover

Position on the only protocol built for genuine decentralization at scale.

Proven Model

Existing traction and a clear, direct path to revenue.

Confidential
10 / 12
The Team
Built by
Operators

The team that built and operated a live financial product processing $7B+ in volume. We have the scars, the data, and the protocol.

Armen Azatyan
Armen Azatyan
CEO & Co-Founder
7 yrs IT entrepreneurship · 7 yrs investment banking · 3 yrs trading. Ex Deutsche Bank, VTB Capital — 18 closed ECM & M&A deals >$18Bn. Founder IFAB.ru, Trendever.com.
Oleg Panagushin
Oleg Panagushin
CTO & Co-Founder
10 yrs building high-performance distributed systems in C#. Architect specialising in scalability, throughput, and fault-tolerant cloud infrastructure — the exact profile required for a global settlement layer.
Alexey Mashchenkov
Alexey Mashchenkov
Corporate Advisor
20+ yrs in finance: IPO, M&A, business turnaround. Currently CFO of a NASDAQ-listed fintech. Brings institutional credibility, capital markets access, and regulatory navigation.
+
Open Position
Head of Business Development — enterprise sales, exchange partnerships, and market maker relationships.
11 / 12
Why DXS
The Protocol
for What's Next
Contact
dxs@dxs.app
dxs.app
📊

Proven Traction

$7Bn in volume processed, 1,000+ MAU — from a live, operational product, not a prototype.

🔒

Stable Core, Evolvable System

The IP-layer model for decentralized exchange. Fixed where it matters, open where it needs to grow.

⚡

Unbounded Scale

Built on the only blockchain that restores Bitcoin's original, scalable design — now proven by Teranode.

💼

Clear Business Model

Open-source core with a for-profit, licensed software company. Proven by Linux, PostgreSQL, and the internet.

🎯

First-Mover on the Right Tech

While others built on flawed foundations, we built on the right one. Now we are ready to scale.

Confidential — DXS Distributed Exchange System