What is Valiant?

Valiant is a perpetuals and spot DEX built on Fogo, an SVM Layer 1 built for trading. Powered by Fogo's Firedancer-based SVM, Valiant settles trades in under 40 milliseconds and runs an onchain order book alongside concentrated liquidity AMMs.

The team runs its own trading front end at valiant.trade, built to make onchain markets as fast as a centralized exchange.

The Challenge

Valiant launched on Fogo with a growth model built around affiliates driving trading volume. The team wanted a complete affiliate program, from recruiting partners to paying them, not just click attribution. Fogo is an SVM chain, and most incentive tooling is built for EVM, so there was no off-the-shelf stack to plug into.

They needed to:

• Run incentives on Fogo: reward onchain activity on an SVM chain that most incentive platforms do not support.
• Track real trading volume: attribute every referred trade, across perps and spot, as it happened.
• Manage affiliates end to end: recruit, approve, tier, and pay partners, not just count referrals.
• Give affiliates a home: a portal where partners could see their codes, referrals, and earnings inside Valiant.

The Solution

Rather than building affiliate infrastructure for a brand-new SVM chain in-house, Valiant used Fuul as the full affiliate stack, from onchain tracking to partner payouts. Fuul is one of the few incentive platforms live on Fogo, which let Valiant launch without waiting on EVM-only tooling.

With Fuul, Valiant:

• Went live on Fogo's SVM: Fuul listened to both perps and spot trades onchain and attributed volume to the referring affiliate in real time.
• Ran the full affiliate suite: affiliate applications to recruit and approve partners, an affiliate management dashboard to oversee them, referral and invite codes, and a six-level commission structure.
• Rewarded referred traders too: part of each trading fee routed back to the trader who was referred.
• Shipped the affiliate portal: Fuul built Valiant's affiliate portal at valiant.trade/affiliates-home, white-labeled, where partners track their codes, referrals, and USDC earnings.
• Paid commissions in USDC onchain: payouts settled directly to affiliate wallets in real time, with no batch uploads.

Results

Since the program went live on Fogo in February 2026, over its first five months:

• ~9,100 unique traders were tracked across both perps and spot.
• ~2,800 participants received USDC payouts.

Conclusion

By running its affiliate program on Fuul, Valiant launched on a brand-new SVM chain with the full affiliate stack live from day one, from applications to onchain USDC payouts.

The harder a chain is to support, the more the incentive layer matters. Fogo is fast and new, and few tools reach it. Running tracking, recruiting, tiering, and paying through one integration let Valiant compete on growth without building any of it itself.

Today, Fuul provides the affiliate infrastructure Valiant needs to grow trading volume on Fogo, without pulling engineering onto incentive plumbing.