Decentralization Perptual Futures exchange: Innovation and Opportunities Coexist

Decentralization Perptual Futures exchange (Perp DEX) is one of the most关注的赛道 in the current blockchain field. Although projects like dYdX, GMX, and Synthetix have captured a significant market share, a number of emerging projects with undistributed tokens have recently surfaced, demonstrating strong competitiveness. These projects include Aark Digital, Drift, Zeta, MYX, Hyperliquid, and Jupiter. Most projects achieve cold starts through forms like points, providing users with potential early participation opportunities.

Aark Digital

Aark Digital is a Perptual Futures DEX based on Arbitrum, which completed its seed round financing in July this year. Its main features include:

• Adopting a virtual liquidity pool model
• Parallel market maker architecture, aggregating CEX and DEX liquidity
• Supports full collateral cross-margin mode with various collateral types
• Efficient settlement process, no need to wait for wallet signatures

Aark Digital is conducting a liquidity soft lock program and trading volume mining activities to incentivize user participation.

Drift

Drift is a decentralized trading platform based on Solana, offering various trading features such as spot, leverage, and Perptual Futures. Its characteristics include:

• Various liquidity mechanisms, such as virtual automated market makers and Decentralization limit orders.
• Trade through short-term Dutch auctions
• There is an insurance fund
• Supports multiple collateral types as margin
• Liquidity providers can use leverage

Drift currently conducts a weekly lottery event called Drift Draw, with prizes coming from the insurance fund.

Zeta

Zeta is a derivatives protocol on Solana that offers Perptual Futures trading services. Its product features are:

• Fully on-chain limit order book
• Trading model similar to dYdX

Zeta has launched the Z-Score points system, which can be used for future token distribution. The second season of the Z-Score event is about to begin.

MYX

MYX is an innovative Perptual Futures protocol, and its uniqueness lies in:

• By adopting a matching pool mechanism, it can theoretically achieve unlimited open interest.
• When the long and short positions are balanced, liquidity providers do not bear risks.
• Similar liquidity may lead to higher trading volume

MYX is conducting the second phase of testing, and users participating in the test can receive rewards.

Hyperliquid

Hyperliquid is a decentralized perpetual exchange running on its own Layer 1, characterized by:

• Supports trading of various long-tail assets
• Provide a variety of market-making strategies in the Vault

Hyperliquid has launched a points system for a duration of 6 months.

Jupiter

Jupiter's JLP is a GLP product similar to GMX on Solana. Although it doesn't have much innovation, it is extremely popular in the Solana ecosystem. Its popularity may be related to Jupiter's high valuation and potential token airdrop.

Summary

The Perptual Futures DEX sector showcases diversity and innovation, combining various incentive mechanisms. There may be projects that can challenge the dominance of existing giants. For users, early participation may bring more opportunities. However, it is important to note that this sector experiences frequent security incidents, and even leading projects have been attacked. New projects may carry higher risks, and investors should evaluate carefully.