At 17:30 (UTC+8) on October 14, 2026, DMDAI, a decentralized AI-powered intelligent market-making protocol, and THENA, a leading protocol within the BNB Chain ecosystem, jointly hosted an AMA on X Space under the theme “The Future of AI, Liquidity, and DeFi.”
The event featured Aayush, CMO of the DMDAO Foundation, and Apollo, Co-Founder and CMO of THENA. The two guests engaged in an in-depth discussion covering current on-chain liquidity bottlenecks, the practical implementation of AI-driven quantitative market making, the architectural upgrades introduced by THENA 2.0 and Perps V2, and the on-chain synergies between tokenized U.S. equities (bStocks/RWAs) and DeFi liquidity.
I. Breaking Through DeFi’s Bottlenecks: The Challenges Facing Passive LPs and the Evolution Toward Intelligent Liquidity
At the outset of the discussion, both parties shared their perspectives on addressing two widespread challenges facing DeFi protocols: inefficient liquidity utilization and the difficulty of hedging impermanent loss.
DMDAI (Aayush): Under traditional AMM models, ordinary users acting as liquidity providers (LPs) are generally exposed to market volatility without sufficient protection, particularly during sharp, one-sided market movements. DMDAI aims to decentralize the high-frequency quantitative market-making tools traditionally available to centralized Wall Street institutions by leveraging a distributed TOPS hash power network. Its goal is to transform users’ static capital into an intelligent market-making network capable of automated hedging and high-frequency spread capture.
THENA (Apollo): On-chain liquidity is transitioning from broad, passive liquidity provisioning toward intelligent, intent-driven liquidity allocation. In the DeFi 2.0 era, protocols can no longer rely solely on simple token incentives. Instead, more efficient trading engines and derivatives infrastructure are needed to significantly improve capital efficiency and reduce execution slippage for traders.
II. DMDAI: An AI Algorithm-Driven On-Chain High-Frequency Market-Making Network
When explaining DMDAI’s underlying operating mechanism, Aayush emphasized that DMDAI is not merely an AI concept on paper. Rather, it deploys a strategy engine directly into live order books, enabling millisecond-level responses to market conditions.
Market-Making Assets: 100% of the funds are allocated to liquidity pools, with a primary focus on major blue-chip crypto assets listed on Binance and tokenized U.S. equities, such as NVDA, represented as real-world assets (RWAs). The protocol aims to capture spreads generated by high-frequency trading.
AI-Driven Dynamic Allocation: The algorithms monitor changes in order flow at millisecond intervals, dynamically adjust market-making price ranges in real time, and execute cross-hedging strategies. These mechanisms are designed to mitigate one-sided selling pressure while significantly reducing on-chain gas costs and impermanent loss.
Risk Management and Tokenomics: 80% of the protocol treasury’s revenue is allocated to a risk reserve fund, which provides circuit-breaker protection during extreme market conditions. Meanwhile, the DMD governance token incorporates a three-year stepped emission reduction mechanism and an automated daily burn equivalent to 0.5% of the liquidity pool, establishing a long-term deflationary mechanism.
III. THENA: Perps V2 Upgrades, bStocks, and RWA Infrastructure
Addressing THENA’s recent major technical developments, Apollo provided a comprehensive overview of the strategic roadmap for THENA 2.0 for the first time.
Perps V2 Architectural Evolution: Perps V2 introduces a modular margin engine and a zero-market-impact slippage hedging mechanism, significantly improving capital efficiency for on-chain perpetual contracts. Traders can benefit from an execution experience and market depth comparable to those of centralized exchanges (CEXs), while retaining decentralized, self-custodial control over their assets.
Innovations in bStocks and RWAs: In line with BNB Chain’s push to bring tokenized U.S. equities (bStocks) on-chain, THENA is working to bring the liquidity of traditional financial assets from major companies, including NVDA and AAPL, into the on-chain ecosystem. Seamlessly integrating real-world returns from TradFi with synthetic derivatives in DeFi could provide the broader BNB Chain ecosystem with a more robust capital foundation and a wider range of hedging options.
IV. Deep Market-Making Integration and Major Launch Announcement
Discussing their plans for deeper collaboration, Aayush and Apollo jointly stated that DMDAI’s AI-powered intelligent market-making strategies would be systematically integrated with THENA’s core liquidity pools and Perps V2 order book depth. Through algorithmic hedging, the integration aims to provide THENA’s Perps V2 with more robust liquidity support and lower-friction trading execution.
At the conclusion of the AMA, Aayush officially announced that the DMDAI official DApp is scheduled to launch globally on October 18, 2026, at 18:18 (UTC+8) at dmdai.net. Upon launch, the TOPS hash power market-making pools and DMD mining emissions will become fully available. As DMDAI goes live, the two parties will also jointly introduce a series of market-making liquidity initiatives and community incentive programs.
About DMDAI
DMDAI is a decentralized AI-powered intelligent market-making protocol built on a distributed TOPS hash power network and an AI strategy engine. It focuses on high-frequency quantitative market making for blue-chip crypto assets and tokenized U.S. equity RWAs.
About THENA
THENA is a leading liquidity and derivatives trading hub within the BNB Chain ecosystem. Leveraging the ve(3,3) mechanism and its Perps V2 engine, THENA provides on-chain users with highly efficient, low-slippage trading experiences across its pool-based trading markets and perpetual contracts.