BSX
The business, the turning points, and the decisions behind them.
Some sections are still being researched3 / 4
Sections to complete：02 · 03 · 05
01 / WHAT IT BUILT
What the company did
BSX Exchange is a decentralized, non-custodial derivatives trading platform built on Base, Ethereum's Layer 2 network. Its central-limit-order-book perpetual exchange offers perpetuals trading with up to 1,000x leverage plus a spot market, combining off-chain execution with on-chain settlement, 10-millisecond order matching and cross-margin support. Since launching in April 2024 it has facilitated more than $4 billion in trading volume and passed $1 million in revenue. The company raised $6.2 million across a $2.2 million pre-seed and a $4 million seed round led by Blockchain Capital in August 2024, with investors including Bankless Ventures, No Limit Holdings, Cadenza Ventures, Breed VC, Maelstrom (Arthur Hayes's family office) and HTX Ventures; angel investors include Coinbase's listing head Zach Segal and Delphi founder Tommy Shaughnessy, and Arthur Hayes advises the company.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Material for this section is being gathered and checked. It will appear here once ready.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
Material for this section is being gathered and checked. It will appear here once ready.