
Coinbase Global has entered into an agreement to acquire Echo for approximately $375 million, a deal made in a combination of cash and stock. Echo is a blockchain-based investment platform that enables crypto startups and token-based projects to raise capital through private and public token sales.
Founded by crypto influencer and trader Jordan Fish, better known as “Cobie,” Echo has rapidly grown in the crypto startup funding space. Its platform has helped projects raise more than $200 million across roughly 300 deals.
Echo offers two major fundraising modes:
Private token raises for selected investors.
Public token sales via its Sonar product, enabling broader community access.
This dual approach positions Echo as a full-stack capital formation platform for crypto startups — from raising funds to launching tokens.
For Coinbase, the acquisition is part of a broader ambition to expand beyond being solely a trading platform. The deal reflects several strategic goals:
Capital-raising infrastructure: By acquiring Echo, Coinbase gains direct access to the infrastructure that allows projects to fundraise on-chain and later trade tokens in secondary markets.
Expanded services: Coinbase intends to serve both investors and early-stage projects, creating a one-stop shop for launching, funding and trading.
Ecosystem growth: Echo’s on-chain fundraising model supports Coinbase’s push into tokenized securities and real-world assets, areas identified as growth drivers.
Acquisition strategy: The deal is part of an ongoing series of acquisitions, reflecting an aggressive strategy to expand Coinbase’s role in crypto infrastructure.
For startups: Easier access to capital through Coinbase’s global reach and brand reputation.
For investors: Potential to access token sales and new asset classes in a secure and regulated environment.
For Coinbase: Broader user engagement, diversified revenue streams, and a stronger position in the ecosystem.
Execution risk: Integration of Echo’s model into Coinbase’s platform will require careful execution.
Regulation: Token sales and tokenized securities face ongoing regulatory scrutiny, which could shape how the service operates.
Competition: Other platforms also offer fundraising services, raising questions about how much advantage Coinbase will gain.
Integration workload: Combining Echo’s systems with Coinbase’s compliance and infrastructure will take time and resources.
The acquisition highlights broader trends in crypto:
On-chain capital formation is becoming a mainstream strategy, bridging the gap between venture funding and community token sales.
Exchanges are evolving into full-stack financial service providers, covering fundraising, investment, and trading.
Ecosystem-building through developer support and early-stage funding is now central to major crypto firms’ growth strategies.
Coinbase’s acquisition of Echo for $375 million is a significant milestone in the evolution of crypto finance. For Coinbase, it strengthens its position as more than just an exchange, aligning it with a future where raising capital, launching tokens, and trading all occur seamlessly on-chain. For startups and investors, it promises expanded opportunities — though success will depend on execution, regulatory clarity, and market adoption.

Anatoly Yakovenko, co-founder of Solana, has introduced a blueprint for a decentralized perpetual futures exchange called Percolator. The design was released publicly and is positioned as a potential Solana-native alternative to established platforms such as Hyperliquid and Aster.
Percolator is described as an “implementation-ready” framework for a perpetual futures DEX that runs directly on Solana. Unlike centralized exchanges, it would rely on a sharded architecture to distribute trading activity across multiple “slabs.” Each slab acts as an independent engine, handling its own set of markets in parallel.
A router layer would manage collateral, portfolio margining, and the routing of trades between slabs. The goal is to achieve low-latency execution at scale, reduce congestion during high demand, and allow users to retain custody of their assets while trading.
Yakovenko has suggested that this design could enable centralized-exchange-level speeds within a fully decentralized structure. If implemented, it would represent a step forward in marrying the performance advantages of Solana with the growing demand for decentralized derivatives.
Perpetual futures have become one of the most active areas of crypto trading, often accounting for a large share of overall derivatives volume. Platforms such as Hyperliquid and Aster have attracted significant activity, but Solana has not yet established a dominant native alternative in this space.
Percolator is seen as a way to change that. By offering a blueprint for a scalable and efficient perp DEX, the design could strengthen Solana’s DeFi ecosystem and attract more sophisticated traders. It would also broaden the network’s use cases beyond its reputation for high-speed transactions and meme coin speculation.
One notable feature of Yakovenko’s announcement was the decision to publish the design openly on GitHub. Rather than launching Percolator as a closed project, he invited developers to experiment, adapt, and build upon the code.
This open-source approach aligns with Solana’s broader strategy of encouraging community-driven innovation. It positions Percolator not just as a single potential product, but as a framework that could inspire multiple teams and projects across the ecosystem.
Despite the enthusiasm, there are several challenges. Yakovenko himself has downplayed expectations, noting that the release was experimental and not necessarily a commitment to launching a production-ready DEX.
Regulatory pressure is another factor. Perpetual futures are leveraged products that have drawn scrutiny from regulators worldwide. Operating such markets in a decentralized structure could bring legal uncertainty, especially if they attract high volumes.
Technical risks also remain. Building and maintaining a sharded DEX with multiple trading engines introduces complexity, and it is unclear how the design would perform under sustained high-volume trading. Competition is also fierce, with other perp DEXs already establishing liquidity and user bases.
Even with these risks, Percolator underscores Solana’s ambition to expand into more advanced financial infrastructure. The release highlights the network’s strengths in throughput and efficiency, while showing a willingness to experiment in areas that are becoming increasingly important to crypto markets.
If the concept develops into a working platform, it could elevate Solana’s role in decentralized finance and attract a new wave of derivatives traders. Even if it does not, the blueprint has already sparked discussion about what is possible when high-performance blockchains are combined with open-source collaboration.
Percolator is not yet a product, but it is a statement of intent. It reflects Yakovenko’s ongoing focus on technical experimentation and Solana’s drive to compete at the highest levels of decentralized finance. Whether it emerges as a functioning exchange or remains a reference design, it signals a move toward more complex, scalable infrastructure that could shape the future of on-chain derivatives.