xStock brings equity markets on-chain, trading volume surges, and the protocol holds steady through 46 days of extreme fear.

TL;DR

• xStock launched, bringing multiple US Equity perpetual trading pairs to the platform and driving monthly notional volume to ~$7.7M (+134% month-over-month)
• TVL adjusted to ~$1.9M (-45%) as sustained geopolitical uncertainty and elevated fear across crypto markets dampened structured product participation
• Perps MAU more than doubled as traders engaged with the expanded xStock offering and broader perpetuals suite
• Monthly trading competition concluded, rewarding active participants and strengthening community engagement ahead of April

Market Pulse & TVL

March 2026 was governed by a single macro variable: the trajectory of the US-Israel-Iran conflict and whether it would escalate further or move toward resolution. Throughout the month, risk sentiment lurched between relief rallies — triggered by signals of potential ceasefire or diplomatic progress — and sharp sell-offs that followed each new escalation headline. Crude oil maintained elevated pressure above $100 per barrel for the majority of the month, US 10-year yields spiked to their highest levels since mid-2025, and the Fear & Greed Index spent the entire month in Extreme Fear territory, logging over 46 consecutive days below 15 by month-end. The S&P 500 logged its fifth consecutive weekly decline, breaking below its 200-day moving average for the first time since May 2025.

Against this backdrop, crypto markets showed notable divergence. Bitcoin opened at roughly $67k, briefly touched $74k mid-month on the back of a geopolitical relief rally and a sharp short squeeze, before retreating to close near $68.3k — broadly flat at approximately +2% for the month. Ethereum outperformed, gaining approximately 7% to close above $2,100. SUI declined roughly 3% over the same period.

Typus TVL adjusted to approximately $1.9M (-45%) as the sustained uncertainty environment weighed on DeFi participation broadly and dampened structured product appetite. The decline was most pronounced in Options vaults, reflecting reduced risk appetite for yield strategies during an extended period of extreme market fear — an environment where market participants consistently shifted toward stablecoin positioning and lower-risk instruments. SAFU TVL, by contrast, grew approximately 21% as users directed capital toward more conservative yield strategies. Because Typus protocol deposits are predominantly SUI-denominated, the USD value of TVL naturally moves in tandem with SUI’s market price; the broader macro reset compounded this structural sensitivity. The TVL trajectory is consistent with DeFi-wide patterns observed across the ecosystem during this period of macro stress.

Performance Deep Dive

Perps Platform

Monthly notional volume reached approximately $7.7M, more than doubling from February’s ~$3.3M (+134% month-over-month). The surge was driven by the launch of xStock — Typus’ expansion into US Equity perpetuals — which introduced multiple new trading pairs and meaningfully expanded the addressable market for the platform’s leveraged trading offering. Fee revenue grew in line with the volume expansion, reflecting healthy platform activity. The performance underscores the strategic value of product diversification: even as geopolitical uncertainty weighed on overall crypto sentiment, xStock pairs attracted fresh trading activity from participants seeking leveraged exposure to US equity markets through on-chain infrastructure.

Total Value Locked

Platform-wide TVL stood at approximately $1.9M at month-end, down from approximately $3.5M in February. The decline reflected the broader risk-off environment characterised by over 46 consecutive days of extreme fear, declining DeFi participation across the ecosystem, and reduced appetite for structured product strategies during periods of sustained macro stress. The protocol maintained full operational continuity throughout the month with no disruptions to vault execution, trading operations or user access.

Options TVL

Options TVL — comprising DOV and SAFU positions — totalled approximately $1.8M, adjusting from approximately $3.2M in February. DOV TVL moderated significantly as participants reduced exposure to options strategies in favour of more defensive positioning, consistent with the sector-wide shift toward lower-risk instruments during the conflict-driven uncertainty. SAFU TVL grew approximately 21%, demonstrating that users seeking conservative yield strategies remained engaged with the platform. Vault execution continued without disruption, with regular auctions clearing across active strike ranges throughout the month.

Fees & Volume

Notional volume reached approximately $7.7M for the month — a 134% increase from February — driven primarily by xStock adoption. Fee revenue expanded alongside volume. This growth trajectory demonstrates the platform’s capacity to generate meaningful trading activity even during adverse macro conditions, when an expanded product suite provides participants with alternatives to traditional crypto-only exposure.

User Engagement

User Activity

Perps platform MAU more than doubled month-over-month as the xStock launch attracted new traders and deepened engagement among users exploring the expanded equity perpetuals offering. Core product MAU grew meaningfully in aggregate, reflecting positive momentum from the new product launch. Options engagement moderated in line with broader market conditions — consistent with the reduced structured product appetite observed across the ecosystem during an extended period of extreme fear. New user acquisition continued steadily, with the platform adding participants organically despite the challenging macro environment. Total unique users interacting with core product sections continued to grow.

Product Highlights

xStock — US Equity Perpetuals

The headline launch of March: Typus introduced multiple US Equity perpetual trading pairs under the xStock brand, enabling on-chain traders to access leveraged exposure to US stock markets for the first time on the platform. xStock represents a significant expansion of Typus’ product addressable market — moving beyond crypto-native instruments into one of the most liquid and actively traded asset classes globally. The launch immediately drove measurable impact, contributing directly to the month’s volume surge and attracting traders seeking US equity exposure through decentralised infrastructure. xStock positions Typus at the intersection of DeFi and TradFi, ahead of what the team sees as a structural shift toward on-chain equity derivatives as regulatory frameworks evolve globally.

Monthly Trading Competition — Concluded

March saw the conclusion of Typus’ monthly trading competition, which ran its full course across the Perps platform. The competition rewarded top-performing traders and generated sustained community engagement throughout a period of particularly challenging external sentiment. Results reinforced trader loyalty and platform stickiness during one of the most volatile macro environments of the year.

Roadmap Update

What’s Next

As we head into April:

In Active Development:

• xStock Ecosystem Deepening: Building on the March launch, the team is focused on expanding the xStock offering — refining liquidity parameters, broadening the trading pair library, and improving the user experience for equity perpetuals as adoption scales.
• Market Sentiment as a Key Variable: April’s trajectory will be closely tied to geopolitical developments. A resolution — or meaningful de-escalation — of the US-Iran conflict remains the primary catalyst for improved market conditions, DeFi TVL recovery, and renewed options vault participation. Volume and open interest trends will continue to reflect how this situation evolves.

Community & Ecosystem

Ecosystem Expansion

March milestones:

• xStock Launch: The introduction of US Equity perpetuals on Typus marked a significant product milestone, expanding the platform’s positioning beyond crypto-native derivatives and opening access to traders seeking equity market exposure through on-chain infrastructure.
• Trading Competition Concluded: Typus’ monthly trading competition completed its run with prizes distributed to top-performing participants. The competition drove sustained engagement throughout a volatile market period and reinforced community participation on the Perps platform.
• Sustained Operational Stability: Throughout over 46 consecutive days of Extreme Fear market conditions, Typus maintained full operational continuity — vault auctions executed on schedule, trading infrastructure remained stable, and user experience was uninterrupted across all product lines.

Building Momentum

March 2026 was a month of product expansion in the face of persistent macro headwinds. The launch of xStock — bringing multiple US Equity perpetual trading pairs to the platform — drove a 134% surge in monthly notional volume and demonstrated Typus’ capacity to generate meaningful trading activity even during one of the most challenging sustained macro environments of the year. While TVL adjusted as the broad crypto ecosystem navigated 46 consecutive days of extreme fear, elevated oil prices above $100 per barrel, and stagflation concerns tied to the US-Iran conflict, the platform’s operational resilience and strategic product execution remained intact.

The xStock launch is more than a single product release — it represents the first step in Typus’ vision for a multi-asset derivatives platform that bridges on-chain infrastructure with the full spectrum of global financial markets. With US Equity perpetuals now live and the platform continuing to attract new users and traders despite adverse conditions, the protocol enters April with both the product breadth and operational foundation to capitalise on improving sentiment.

The war narrative remains the dominant variable heading into April. Volume and open interest trends across the platform will continue to reflect whether the conflict de-escalates or intensifies — a pattern that held throughout March and is likely to remain the primary sentiment driver in the near term. The team continues to build through the uncertainty, focused on product quality and user experience improvements that compound in value regardless of the macro environment.

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Stay tuned for more updates as we head into April!