company updates

Big week across product, Base integration, fundraising, and community growth.

Quick summary:

• Early beta + live demo showcased at DevConnect
• Base mini-app deployment progress + Q1 2026 target
• Seed round officially kicked off and SAFEs signing fast
• New members joining the Opal Whale Group

Full details below.

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Product Update: Early Beta + Live Demo

Over the past few weeks, the team has made major strides on the product.

We officially showcased our first working demo during DevConnect at Base Batches Demo Day, presenting to an audience of VCs, founders, and the Base team.

Despite being only six weeks into development, we now have a functional early prototype capable of:

• Deposits
• Opening long positions
• Opening short positions
• Closing positions
• Executing fully on-chain with real funds (currently limited to a few dollars for controlled testing)

The reception from the Base community was extremely positive. The demo validated both the speed of our engineering progress and the strength of our core architecture.

Opal pitch

Product demo

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Base Mini App Deployment

We've been actively working with the Base team on the deployment path for Opal's mini app.

The Base team met with us specifically to understand our build process, identify friction points, and refine the mini app onboarding pipeline.

Key outcomes:

• Base will feature Opal in the Mini App Store once our limited beta is live
• We're aligned on a target release in Q1 2026, subject to stability and security checks
• Initial rollout will be an invite-only beta, allowing us to gather high-quality user feedback while preventing early exposure to potential malicious actors
• Security and safe launch sequencing remain our top priority

This collaboration continues to deepen our relationship with the Base ecosystem and gives us strong visibility as one of the earliest serious perp DEX products launching on Base mini apps.

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Fundraising Announcement

We've officially kicked off our Seed Round and are already signing SAFEs and collecting checks.

Over the past two weeks, we've been in active conversations with some of the biggest names in venture capital, including top funds in the crypto ecosystem.

Early signals are extremely positive.

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Opal Whale Group Update

Our Opal Whale Group continues to grow. Over the past month, we've welcomed multiple new members who now hold at least 700,000 $OPAL (1 percent of total circulating supply).

This private group gives members:

• Early access to new features and our closed beta
• A direct line to the core team
• Opportunities to meet us in person at our Austin office

To join, message @Nabil_915 on Telegram and verify your wallet.

Opal company update - 11.10.2025

Over the past week, Opal reached several major milestones in both development and visibility. With the Base Batches selection and our upcoming live presentation in Buenos Aires, momentum across every part of the project is accelerating.

1. Selected for Base Batches Accelerator

Opal was chosen as one of only 50 teams out of 750 applicants to join Base Batches #2, the official accelerator for leading projects building on Base.

This recognition cements Opal among the most promising ventures in the Base ecosystem.

Clemens and Kenzan will represent Opal in Buenos Aires on November 17, where Kenzan will give a live demo to the Base core team, investors, and global VCs.

The goal: form deep technical and long-term strategic alignment with Base.

2. Development Timeline Accelerated

Our Base selection has fast-tracked internal development.

The team is finalizing a fully functional demo of the Opal trading engine ahead of the live presentation.

This version demonstrates:

• Sealed order execution
• Live price feeds
• Real-time PnL calculation

This represents a major leap from prototype to product. A V1 interface preview and video of the Core System + Withdraw flow are now live on our website.

3. Fundraising Update

We are currently raising $5–10M USD in equity to accelerate growth.

Key points:

• Opal remains 100% community-aligned
• All exchange profits continue to flow to $OPAL holders as weekly ETH rewards
• Investors receive equity in the Delaware C-Corp, not DEX revenue

4. Security and Transparency

Before launch, Opal will undergo a full third-party audit.

The backend will be open-sourced, ensuring total transparency.

All trading data is encrypted before submission, making Opal the first truly house-blind exchange — even the protocol itself cannot see your orders.

5. Whale Chat Program

A private space is being launched for holders of 700,000 $OPAL or more (1% of circulating supply).

Members will receive:

• Early access to the closed beta
• Direct line to the core team
• Invitations to in-person strategy calls and events
• Exclusive access to updates before public release

6. Upcoming: Buenos Aires Presentation

The team departs soon for Buenos Aires to present Opal live at the Coinbase Base Stage.

This marks our official entry into the next phase: institutional visibility, deep ecosystem integration, and live product demonstration.

Summary

Opal has been selected for Base Batches #2, positioning us among the top 50 projects in the Base ecosystem. The development timeline has accelerated significantly with a fully functional demo being finalized for our November 17 presentation in Buenos Aires. We're raising $5-10M in equity while maintaining 100% community alignment through our profit-sharing model. The Whale Chat program launches soon for top holders, and security audits are planned before public launch.

The momentum is building, Opal is moving from community project to institutional-grade exchange.

Opal company update - 11.3.2025

Over the past month, we've continued to make strong product and organizational progress as we move toward the first private trading release of Opal - the house-blind perpetual futures exchange built on Base.

1. CORE TRADING SYSTEM IS LIVE

The core trading infrastructure is now functioning end-to-end:

• Real markets + real-time price feeds displayed in the UI
• Historical candlestick data populating charts
• Matching engine supports both full and partial fills
• Market maker bot producing live bid/ask depth + healthier spreads
• Cross-margin, leverage, funding rate, and liquidation logic implemented

This represents a shift from prototype → operational trading engine.

2. Funds Flow — Deposits & Withdrawals Integrated

Users can now move funds through the full lifecycle:

• Deposit from wallet to trading account
• Transfer margin internally
• Withdraw back to wallet

Smart contracts are deployed on Base Sepolia, and withdrawal signing occurs inside the privacy enclave, aligning with our core "house-blind" security guarantees.

This is a major milestone — the system now handles real user balances.

3. Frontend & UX Progress

Trading interface is live and connected to backend logic:

• Order history and position management display correctly
• Deposit / withdrawal UI is complete
• Mini-chart + % change now reflect real-time pricing

In progress:

• Orderbook visualization
• Portfolio overview + account settings
• Dashboard data API integration

4. Infrastructure & Security — Upcoming Focus

We are now entering the reliability and correctness phase before private onboarding:

• Hybrid WebSocket + REST market data layer
• Production-grade Nitro enclave deployment
• Settlement + proofs contract finalization
• Failover and redundancy systems
• Load, connection, and reliability testing
• Internal + external security reviews

This is the final stage before inviting early users on-chain.

6. Fundraising Preparation

We've been working closely with Steve and Evelio on tightening the pitch narrative and investor materials.

Focus areas:

• Making the privacy execution layer the center of the story
• Demonstrating live trading + live deposits in real-time investor walkthroughs
• Clear sequencing for private invite launch → controlled scaling → market maker / liquidity onboarding

We enter active investor conversations over the next 2–3 weeks.

This is selective / strategic capital, not volume fundraising.

7. Dubai Trip — Community & Ecosystem Engagement

Last week, Jared, Clemens, and Nabil were in Dubai for Blockchain Life.

Highlights:

• Met with ecosystem partners, potential liquidity providers, and funds
• Hosted our giveaway winner, Kay, who flew in from San Diego to join us
• Kay stayed at the Ritz Carlton, drove a G-Wagon provided by Crypto Autos, and explored Dubai
• The group went ATV riding in the desert — where Kay's girlfriend unfortunately took a fall and appears to have broken her wrist

→ We're wishing her a very fast recovery ❤️‍🩹

This reinforced something important:

Community matters. Access matters. Showing up matters.

This is how early networks form.

8. Next Milestones (4–6 Weeks)

Milestone	Status
Hybrid WebSocket/REST data layer	In progress
Production enclave deployment	Upcoming
Security + reliability testing	Upcoming
Early controlled onboarding	Post-testing
Base Demo Day presentation	Nov 17

Summary

The product now works at the level where we can demonstrate real trading, real balances, and the privacy architecture that differentiates us. We are moving into the correctness and security phase before private launch. We are refining our investor materials and beginning focused discussions with aligned partners.

Opal is progressing from idea → prototype → operational exchange.

Hey everyone,

As promised, we are going to start posting weekly product updates. Here's what we've been working on in the past week.

• Open Source announcement
• Core Build Progress
• API and Services
• Interface Preview
• Launch Timeline
• What's Ahead

OPEN SOURCE ANNOUNCEMENT

This week marks a major milestone for Opal. We've made the decision to fully open source our exchange code - reaffirming our commitment to transparency, trust, and decentralization.

While this means others could technically replicate our work, we're confident in our execution, our team, and our ability to outbuild and outmarket anyone who tries.

By open-sourcing the code, we're inviting the world to verify everything - no hidden logic, no backdoors, no "trust us" moments. Our backend runs on AWS Nitro Enclaves, which enforce hardware-level isolation to ensure trading data remains private and tamper-proof.

The combination of open-source code and reproducible builds means that anyone can confirm that Opal's privacy architecture does exactly what it claims.

All trades will still settle publicly on-chain - fully auditable and compliant - but the process leading up to settlement will remain private and secure.

Opal was built to restore trust in DeFi. This is the next step in proving it.

CORE BUILD PROGRESS

We've made significant progress over the past few weeks - Stage 2 of our prototype development is nearly complete.

Our engineering team has finalized the core system architecture, built to run on AWS Nitro Enclaves. Once deployed, all trading data will be fully isolated and hidden - even from us. This marks a major milestone toward making Opal the first truly house-blind privacy DEX.

The next step is deploying our enclave-backed backend, wiring the Gateway to the UI - the final step before we launch our first internal test deployment.

In short, the architecture is complete, the systems are being assembled, and we're getting close to seeing Opal's privacy engine come alive.

The prototype is being developed in Rust, a high-performance and secure language designed to handle heavy throughput and complex trading logic at scale.

Here's what's already built and currently under testing:

• Relayer Service: Securely batches and submits transactions to Base L2.
• Oracle Aggregation System: Integrates multiple data feeds (Chainlink, Binance, Kraken) for precise, tamper-proof pricing.
• Liquidation & Matching Engines: Early versions are running and being fine-tuned for fairness, efficiency, and speed.
• Gateway Service: Fully built and ready, bridging the backend systems with the user interface.

INTERFACE PREVIEW

As we are simultaneously building out the backend, we wanted to give some early snapshots of the DEX.

We will be sharing continued design developments as we progress.

LAUNCH TIMELINE

We're targeting a Q4 launch for V1, featuring a limited set of perpetual markets and conservative leverage to validate core performance and gather user feedback.

Hard development milestones will be shared in the coming weeks as we finalize the timeline.

Join us every Thursday for our weekly AMA to stay updated and ask questions directly to the team.

WHAT'S AHEAD

Next week is shaping up to be a major milestone for Opal. Here's what's ahead:

• Two new high-level team members joining the Opal team.
• Kenzan's first live AMA appearance this Thursday at 5 PM UTC.

We're close to ignition and focused on shipping a clean, verifiable V1. Join the Thursday AMA to pressure test our progress and keep us honest.

Thanks,

-Opal Team

Big updates from today's AMA: below is a high-level recap.

OPAL IS GOING OPEN SOURCE

We have made the big decision to fully open source on the exchange code.

Open-source code + reproducible builds are critical - anyone can verify that our enclave doesn't contain backdoors before trusting it with their orders.

PRODUCT DEVELOPMENT

Stage 2 of our prototype is nearly complete & core architecture is finished.

The DEX will run on AWS Nitro Enclaves - enabling true house-blind privacy where even we can't see your trades.

Opal is being built in Rust for high speed and security.

We're preparing for our first internal test deployment, bringing house-blind privacy to life for the first time.

MARKET STABILITY

Like Hyperliquid, Opal will use advanced liquidity vault protections and emergency systems to stay stable during extreme volatility.

FUNDING MODEL

Perp DEXs are incredibly profitable models - Hyperliquid made billions last year with only 11 employees.

Opal will direct 100% of DEX profits to $OPAL holders.

LAUNCH TIMELINE

Target V1 launch is lated for mid-late Q4 2025.

V1 will have limited perps and moderate leverage (5–10x) to ensure stability and user feedback.

TALENT & PARTNERSHIPS

The Opal is expanding with two huge additions to the cap table.

We are finalizing the agreements with lawyers and will announce soon.

OFFICE UPDATE

We've officially moved into our Austin HQ.

We are building this company in person to tighten feedback loops and development cycles.

TEAM SPOTLIGHT

We introduce our Chief of Staff, Jared on the call.