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AFX says trading volume reached $946.29 million as VIP program shares up to 50% of fees

AFX says trading volume reached $946.29 million as VIP program shares up to 50% of fees

The decentralized derivatives-focused Layer 1 reported $20.71 million in total value locked and $1.07 million in annualized protocol revenue, citing DefiLlama on-chain data.

USDC

Fact Check
The originating source is AFX's own press release distributed via PR Newswire, which states verbatim all the claimed figures: $946.29M cumulative trading volume, $20.71M TVL, $1.07M annualized protocol revenue, and a VIP program sharing 30-50% (up to 50%) of fees. The cited independent data provider DefiLlama corroborates AFX as a real derivatives L1 with TVL ($20.74m) matching the claim closely and substantial perp volume. The claim accurately reflects the source material. The figures are self-reported promotional data, so they should be read as company-disclosed metrics rather than independently audited, but the claim faithfully represents what was reported and the on-chain data source supports it.
Summary

AFX said its ecosystem continued to grow as cumulative trading volume climbed to $946.29 million and total value locked reached $20.71 million, based on DefiLlama on-chain data. The company attributed the momentum to its native VIP program, which returns 30% to 50% of platform fee revenue to high-volume traders in USDC instead of relying on inflationary token emissions. AFX said annualized protocol revenue currently stands at $1.07 million. The program also offers tiered fee discounts, with VIP 5 rates as low as 0.001% for maker orders and 0.035% for taker orders, based on aggregated 30-day volume across main and subaccounts. AFX said its sovereign L1 architecture supports gas-free trading and execution in under 100 milliseconds, while traders can track volume, tier status and reward allocation through its VIP dashboard. Ken C, Head of Growth at AFX, said the model aligns trader incentives with the protocol’s growth. The company framed the latest figures as evidence of rising demand for decentralized derivatives infrastructure that combines professional trading performance with community-aligned economics.

Terms & Concepts
  • sovereign L1: An independent Layer 1 blockchain with its own execution environment and rules.
  • total value locked: The total value of assets deposited in a crypto protocol, often used as a scale metric.
  • maker orders: Orders that add liquidity to an order book rather than immediately executing.