Innovation and Opportunities of Decentralized Exchange for Perpetual Futures

Perpetual Futures decentralized exchange (Perp DEX) is one of the most关注的赛道 in the current blockchain领域. Although some projects have already占据了主要市场份额, several emerging projects with未发行代币 have recently surfaced, showcasing strong competitiveness. These projects include Aark Digital, Drift, Zeta, MYX, Hyperliquid, and Jupiter. Most projects adopt forms such as积分 to achieve early启动, providing potential opportunities for early参与者.

Aark Digital

Aark Digital is a Perp DEX based on Arbitrum, which completed its seed round financing in July this year with the participation of several well-known investment institutions. Its main features include:

• Adopting a virtual liquidity pool model
• Parallel Market Maker (PMM) architecture that aggregates liquidity from centralized and decentralized exchanges.
• Supports full margin cross collateral mode with multiple types of collateral.
• Provide leveraged liquidity
• Efficient settlement process

Aark Digital incentivizes users to participate through a liquidity soft-lock program and mining activities.

Drift

Drift is a decentralized trading platform based on Solana, offering a variety of trading features. Its characteristics include:

• A full suite of spot, leveraged, and Perptual Futures trading products
• Multiple liquidity mechanisms
• Dutch auction trading model
• Insurance Fund Mechanism
• Supports multiple collateral types as margin
• Liquidity providers can use leverage

Drift currently attracts users through weekly lottery events.

Zeta

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

• Fully On-Chain Limit Order Book
• Z-Score Point System
• Jointly issue Zeta Card with other projects

MYX

MYX is an innovative Perptual Futures protocol, distinguished by its unique features:

• By adopting a matching pool mechanism, it can theoretically achieve an unlimited open interest.
• May bring higher trading volume under the same liquidity
• Achieve zero slippage and no borrowing fees, among other advantages.

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

Hyperliquid

Hyperliquid is a DEX running on its own Layer 1, characterized by:

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

Jupiter

Jupiter's JLP is a GLP-like product similar to GMX on Solana. Although it is not highly innovative, it is very popular within the Solana ecosystem. The reason for its popularity may be related to Jupiter's high valuation and large proportion of airdrops.

Summary

The Perp DEX track still has room for development, with some projects showcasing the diversity and innovative potential in this field. With different incentive mechanisms, it is possible that some projects may replace the status of existing leading projects in the future. For users, early participation may bring more opportunities.

However, it is important to note that this sector also has security risks. Even leading projects have encountered varying degrees of attacks, and the risks of new projects may be even higher. Investors should carefully assess the risks when participating.