How EdgeX Survived the $18B Liquidation Cascade & Came Out #1 | Messari Fully Diluted

In this episode of the Messari Fully Diluted, Research Analyst Eric Minookian sits down with KF, co-founder of EdgeX, to break down the State of EdgeX Q4 2025 report. The conversation covers EdgeX's explosive growth in TVL, perp trading volume, and fees — all achieved amid one of the most volatile quarters in crypto history.

The episode takes a close look at the October 10th liquidation cascade, which triggered over $18 billion in liquidations across the market, surpassing even the FTX collapse. KF walks through how the EdgeX team responded in real time, maintaining zero downtime and zero bad debt throughout the event.

KF also discusses EdgeX's upcoming TGE, the Circle Ventures investment and native USDC integration, RWA perps now making up 20-30% of total volume, the Maru community token, and the team's long-term vision for an AI agent trading economy.

-Introduction: 0:00

-Platform Growth: 0:36

-October 10 Market Event: 2:50

-Trading Volume: 5:31

-Fees & Treasury: 7:39

-DEX Competition: 9:52

-Product Expansion: 12:38

-Partnerships & Future: 19:17

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This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.