Energy markets on Ethereum

Most onchain derivatives today are still centered around crypto assets.

There is a clear gap when it comes to commodities like oil, natural gas, power, and metals, which remain largely tied to traditional market structures.

My team is working on bringing these markets onchain through instruments such as perpetuals, futures, and options.

The current design uses offchain order matching with onchain settlement. The goal is not to recreate another crypto perp venue, but to expand the set of assets that can be traded within Ethereum-based markets.

Before going further, here are some of the key questions we have been thinking about while building Sphinx Protocol, and we would really value input from people working on market design, oracle systems, and onchain trading infrastructure:

• How should commodity pricing be handled onchain at scale?
• What other type of market structure makes sense for assets that are not crypto-native?
• How does liquidity form around entirely new derivative categories?
• Which parts of commodity market infrastructure can realistically move onchain first?

Would love to hear thoughts, especially from people exploring similar problems or adjacent areas.