$BSX Owners of $BSX will receive a free distribution of RISE coins at launch.

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New chapter: BSX joins RISE Labs to build the future of on-chain trading.

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18 hours ago

Mint
We announce the plan to shut down the BSX DEX, discontinue support for the BSX coin, and the upcoming distribution of RISE coins to all BSX holders.

We are pleased to announce a significant moment for our community: BSX Labs has been acquired by RISE Labs.

Our team and advanced technologies are integrating into the RISE ecosystem to accelerate the transition to a new era of on-chain trading infrastructure. This important step advances our shared vision: to create the first fully on-chain-oriented, synchronously composable order book primitives and best-in-class trading experience for spot and derivative cryptocurrency contracts, where perpetual options are transforming the industry.

From Vision to Speed: Why We Are Joining RISE
Founded in 2023, BSX was created based on a deep belief that the industry needs high-performance trading solutions that are trustless for the growing cryptocurrency derivatives market. The collapse of FTX revealed critical flaws in centralized systems, and the rise in popularity of perpetual options demanded innovation. To address this challenge, we assembled an elite team that includes experts from Coinbase, Kraken, Jump, and FalconX, as well as champions of international Olympiads in mathematics and computer science.

Our team has achieved results: we have created a reliable, high-performance trading system that has proven that decentralized trading can finally match the performance of centralized platforms without sacrificing security.

During this journey, we confirmed our final vision: the future of DeFi depends on a fundamental, fully on-chain order book infrastructure. Creating such infrastructure is a monumental task that requires a perfect synthesis of application-level experience and protocol-level innovations.

That is why we are so happy to join RISE Labs.

RISE creates the next generation of L2 based on Ethereum, designed with the precise speed and throughput necessary to host this advanced order book infrastructure directly on the blockchain.

Our team and technologies will be integrated into RISE to accelerate the achievement of the overall mission. By combining efforts, we merge our proven expertise with powerful infrastructure to give RISE a strong boost in the development of these advanced order book primitives for years to come.

We are not just joining a platform; we are joining a team that we deeply respect. As a result of close collaboration, we are inspired by their commitment to the core values of cryptocurrency, their technological breakthroughs such as "Shreds", and the support of industry giants like Galaxy Digital and Vitalik Buterin. This is undoubtedly the most strategically important step on the path to achieving our common future.

Necessary actions: what this means for our community
This transition brings important changes for users and holders of BSX coins. The agreement includes two main points to pay attention to:

Shutdown sequence of BSX DEX

Migration and distribution of BSX coins <> RISE

Please read this announcement carefully in its entirety. It contains critically important and urgent information regarding both the closure process and the migration of coins.

Termination of BSX DEX - shutdown sequence
After the integration, we will cease trading activities on the Base platform. The closure will take place as part of a structured three-phase process designed to give you ample time to manage your account.

We strongly urge all users to take action as soon as possible to ensure a smooth transition.

Chronology of the shutdown sequence and what to expect
Stage 1: Manual closing of positions and withdrawal of assets

Dates: November 11 at 15:00 UTC → November 13 at 15:00 UTC

Application functionality: All DEX functions will remain fully operational. Deposits and withdrawals will be available. The queue for withdrawals from the BSX storage and liquidation storages will be reduced to immediate.

User actions: During this week, users are strongly advised to:

Manually close all open perpetual positions.

Display all assets and collateral, including the conversion of bsxUSD to USDC.

Note: This is the main window for complete control of your account. It is recommended to act promptly.

Phase 2: Constant mode "reduction only"

Dates: November 13 at 15:00 UTC → November 15 at 15:00 UTC

App functionality: the functionality of the DEX will be limited.

The "Only Reduction" mode ( only allows closing/reducing positions ). New positions cannot be opened. Deposits are disabled. Withdrawal of funds is still possible.
User action: This is the last chance for manual position management. Oracle prices will be frozen upon completion of this stage.

Stage 3: Final Settlement and Complete Closure

Dates: November 15 at 15:00 UTC → November 17 at 15:00 UTC

Application functionality: All trading activities will be suspended.

All remaining positions will be forcibly closed at the frozen oracle prices from Phase 2. The application will be abolished, leaving only the withdrawal function.
User action: withdraw all remaining funds by the account expiration date.

Detailed guide: necessary user actions
Follow the steps below to ensure a smooth transition and protect your funds.

How to close perpetual positions

Go to the "Positions" tab in the trading interface.

Click "Close Position" for each open position.

We strongly recommend using a "market" order to ensure immediate and complete execution.

Confirm the transaction in your wallet.

How to withdraw funds

Go to the "Portfolio" or "Wallet" page.

Click "Withdraw" for each asset with a balance.

Enter the full amount and confirm the transaction.

Migration of BSX coins <> RISE
We strive to unite our community. As the coins $BSX cease to exist, we are happy to welcome their owners to the new ecosystem.

Owners of $BSX will receive a free distribution of RISE coins at launch.

Below is a breakdown of the transition to $BSX coins:

Circulating supply: 1.5% of the total volume of RISE coins is distributed among all holders of circulating coins $BSX ( both engaged and not engaged ).

Team and investors: All $BSX coins held by the team and investors will be converted into RISE coins.

Treasury: all remaining undistributed coins $BSX in the treasury will be burned after the transition is completed.