Opal

Opal is a decentralized exchange built on Ethereum and the Base network that focuses on perpetual trading with built-in privacy features. It claims to address the problem of front-running and predatory trading bots, which can disadvantage ordinary traders on conventional decentralized exchanges. The protocol is designed for DeFi users who want to trade perpetuals without their order details being visible before a trade settles.

Opal uses an AI-driven sealed order execution system, meaning trade details are kept hidden from other participants and from the exchange itself until each order is fully settled and recorded on-chain. The OPAL token lives within the Ethereum ecosystem and, according to the project description, entitles holders to a share of platform revenue paid out in ETH. The consensus algorithm and block time are not recorded in the data held by this site, so a fuller mechanical description cannot be provided.

The protocol states that 100% of platform revenue is distributed to OPAL token holders in ETH, meaning the exchange itself retains none of the fee income. Revenue originates from trading activity on the platform, paid by traders using the perpetuals service. At the point-in-time snapshot captured here, approximately 20% of the 1,000,000,000 maximum supply is in circulation, with a fully diluted valuation to market-cap ratio of 1.1, reflecting that a portion of tokens have not yet entered circulation. The dilution overhang stands at roughly 10% of max supply, representing tokens that exist but are not yet circulating.