What is an on-chain prop firm?

An on-chain prop firm pays its traders in stablecoins such as USDC on a public blockchain, from addresses it has published, and runs its payouts or its evaluations through smart contracts or a decentralised network.

That means its payouts, and for some firms its evaluations, can be checked by anyone on the chain rather than taken on trust. Many also publish other wallets, such as reserves, payment gateways and affiliate payout wallets, which can be checked the same way. Where a firm keeps figures such as evaluation pass rates in its own system, it may still publish them, and Payout Junction labels them as published by the firm.