Decentralization Perptual Futures exchange: Innovation and Opportunities

Decentralization Perptual Futures exchange (Perp DEX) is a promising track in the blockchain field. Although the market is currently dominated by several major projects, multiple emerging projects with unreleased tokens have recently surfaced, showcasing strong competitiveness. Most of these projects use points and other forms to achieve a cold start, providing potential opportunities for early participants. This article will detail six unreleased token Perp DEX projects worth paying attention to.

Aark Digital

Aark Digital is a Perpt DEX based on Arbitrum, which completed a seed round of financing led by well-known investment institutions in July this year.

Main features:

• Adopting 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 collateral types.
• Provide leveraged liquidity
• Efficient settlement process

Aark Digital incentivizes users to participate through a liquidity soft-locking program and trading volume mining activities, preparing for a cold start.

Drift

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

Characteristics:

• Build a complete trading product line
• Multiple liquidity mechanisms
• Dutch Auction Trading Model
• There is an insurance fund
• Supports multiple collateral types as margin
• Liquidity providers can use leverage

Drift currently has the highest TVL in Solana's Perpetual Futures DEX and attracts users through weekly lottery events.

Zeta

Zeta is a derivatives protocol on Solana, focusing on providing Perptual Futures trading services.

Features:

• A concise on-chain limit order book
• Similar trading model to dYdX

Zeta incentivizes users to participate through the Z-Score points system, and the points can be used for potential future token distribution.

MYX

MYX is an innovative Perptual Futures protocol dedicated to addressing the liquidity limitations of traditional Perp DEX.

Innovation points:

• Unique Matching Pool Mechanism
• Theoretically, it can achieve an unlimited open interest.
• Zero slippage, no borrowing fee

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

Hyperliquid

Hyperliquid is a decentralized Perptual Futures exchange running on its own Layer 1.

Features:

• Supports trading of various long-tail assets.
• Provide a variety of market-making strategies for the Vault
• Unique points system

Hyperliquid is attracting users through a 6-month points distribution event.

Jupiter

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

Features:

• Similar to GMX's GLP model
• High demand often causes JLP to reach its capacity limit.
• Secondary Market Premium

The success of Jupiter may be partly attributed to its high valuation and the potential expectation of a token airdrop.

Summary

The Perp DEX track demonstrates diversity and innovation, and emerging projects may have the opportunity to challenge the existing market landscape. However, users must also be aware of security risks when participating, as even leading projects have faced varying degrees of attacks. New projects may carry higher risks, so caution is advised when participating.