Decentralization Perptual Futures exchange: Innovation and Opportunities

Decentralized Perpetual Futures exchange (Perp DEX) is a vibrant and promising sector in the blockchain field. Although projects like dYdX, GMX, and Synthetix have already captured a significant market share, a recent wave of emerging projects with unreleased tokens has shown strong competitiveness. This article will detail six noteworthy projects to pay attention to.

Aark Digital

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

• Adopt a virtual liquidity pool model
• Parallel Market Maker (PMM) architecture, aggregating liquidity from CEX and DEX.
• Supports a full-margin cross-margin model with multiple types of collateral
• Provide leveraged liquidity
• Efficient settlement process

To attract users, Aark Digital has launched a liquidity soft lock program and trading mining activities, incentivizing through the distribution of AARK tokens.

Drift

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

• Multiple liquidity mechanisms, including virtual automated market makers, decentralized limit orders, and timely auctions.
• Conduct trading using Dutch auction
• There is an insurance fund
• Supports multiple collateral types as margin, automatically earning deposit income.
• Liquidity providers can use leverage
• Makers can receive a fee rebate

Drift currently attracts users to participate through weekly lottery activities.

Zeta

Zeta is a derivatives protocol on Solana, primarily providing Perptual Futures trading services. Its feature is the use of a fully on-chain limit order book. Zeta has launched a point system called Z-Score, where users can earn points through trading, thereby gaining more token rewards.

MYX

MYX is an innovative Perptual Futures protocol that utilizes a unique matching pool mechanism to address the issue of limited open interest in traditional Perp DEXs. The design of MYX theoretically allows for unlimited open interest while maintaining the advantages of zero slippage and no borrowing fees.

Hyperliquid

Hyperliquid is a decentralized Perptual Futures exchange operating on an independent Layer 1. Its features include:

• Supports trading of various long-tail assets
• Provide a Vault with multiple market-making strategies
• Use a points system to incentivize user participation

Jupiter

Jupiter's JLP product is quite popular in the Solana ecosystem. Although the product design is similar to GMX's GLP, it has attracted a large number of users due to Jupiter's high valuation and potential token airdrop.

Summary

The Perp DEX track demonstrates diversity and innovation, with emerging projects attempting to secure a place in the market through different technical solutions and incentive measures. For users, early participation may present potential opportunities. However, it is important to note that this track also carries security risks, and users should carefully assess when participating.