Innovation and Opportunities: In-Depth Analysis of Unlisted Perp DEX Projects

Decentralized perpetual contract exchanges (Perp DEX) are one of the most promising sectors in the blockchain industry. Although projects like dYdX, GMX, and Synthetix have captured significant market share, several recently emerged projects with unreleased tokens also demonstrate strong competitiveness. This article will delve into the innovative features and potential opportunities of projects such as Aark Digital, Drift, Zeta, MYX, Hyperliquid, and Jupiter.

Aark Digital: A Pioneer in Liquidity Innovation

Aark Digital is a Perp DEX based on Arbitrum, which adopts several innovative mechanisms:

• Virtual Liquidity Pool Model
• Parallel Market Maker (PMM) architecture
• Full margin cross collateral mode supported by multiple collateral types
• Efficient settlement process

To attract users, Aark Digital has launched a liquidity soft-locking plan and trading mining activities, allocating a portion of the total 100 million AARK tokens as rewards.

Drift: A Multifunctional Trading Platform in the Solana Ecosystem

Drift is a comprehensive decentralized trading platform based on Solana, offering various trading features such as spot, leverage, and perpetual contracts. Its features include:

• Diversified liquidity mechanism
• Innovative Order Execution Method
• Insurance Fund System
• Multiple collateral support
• Leverage Liquidity Provision

Drift currently incentivizes users to participate through the weekly lottery event Drift Draw.

Zeta: A Solana native project focused on perpetual contracts

Zeta is a protocol focused on perpetual contract trading on Solana, utilizing a fully on-chain limit order book model. The project incentivizes user participation through the Z-Score point system, where points can be used for potential future token distribution.

MYX: A Newcomer Breaking Through the Liquidity Bottleneck

MYX innovatively addresses the liquidity constraints in traditional Perp DEXs:

• Unique Matching Pool Mechanism
• Theoretically unlimited open interest
• Zero slippage and no borrowing fees

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

Hyperliquid: A decentralized exchange on a self-sovereign Layer 1

Hyperliquid operates on its own Layer 1, providing functionalities similar to centralized exchanges:

• Supports trading of various long-tail assets
• Vault providing multiple market-making strategies
• The points system incentivizes users to participate

Jupiter: Popular Perpetual Contract Product on Solana

Jupiter's JLP product is exceptionally popular in the Solana ecosystem:

• Similar to GMX's GLP model
• JLP capacity has long been at the upper limit
• The premium in the secondary market is明显
• High valuations and potential airdrops attract users

Conclusion

The Perp DEX track shows diversity and innovation, with new projects expected to challenge the status of existing leading projects. However, users must also exercise caution when participating and be mindful of security risks. Early participation may present more opportunities, but new projects may face higher safety hazards.