Decentralization Perptual Futures exchange: Innovation and Potential

Decentralization Perptual Futures trading exchange (Perp DEX) is a field full of opportunities. Although some mature projects have captured the majority of the market share, several emerging projects still demonstrate strong competitiveness. This article will introduce six Perp DEX projects that have not yet issued tokens, exploring their innovations and potential opportunities.

Aark Digital

Aark Digital is a Perp DEX based on Arbitrum, utilizing a virtual liquidity pool model and a Parallel Market Maker (PMM) architecture. Its main features include:

• Aggregate liquidity from CEX and DEX to prevent price manipulation
• Supports a full margin cross-margin model with multiple collateral types.
• Efficient settlement process, no need to wait for wallet signatures

To attract users, Aark Digital has launched a liquidity soft-locking program and a trading volume mining activity, distributing the native token AARK.

Drift

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

• Various liquidity mechanisms, including virtual automated market makers and Decentralization limit orders.
• Supports multiple collateral types as margin, automatically earning deposit income
• Liquidity providers can use leverage and can open independent sub-accounts for providing liquidity.

Drift currently attracts users through the weekly lottery event Drift Draw, but has not clearly provided native token incentives.

Zeta

Zeta is a derivatives protocol on Solana that provides Perptual Futures trading services. Its features include a fully on-chain limit order book model. Zeta introduces a points system called Z-Score, where users can earn points through trading to receive more token rewards.

MYX

MYX is an innovative Perptual Futures protocol that employs a unique matching pool mechanism to address the issue of limited open interest in traditional Perp DEX. Its main advantages include:

• Theoretically, an unlimited open interest can be achieved.
• Similar liquidity may lead to higher trading volume
• Features such as zero slippage and no borrowing fees can be realized.

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

Hyperliquid

Hyperliquid is a decentralized Perptual Futures exchange operating on its own Layer 1, with key features including:

• Supports trading of various long-tail assets
• Provide a variety of market-making strategies in the Vault
• Implement a points system, distributing 1 million points each week.

Jupiter

Jupiter's JLP is a GLP product similar to GMX on Solana. Although it lacks much innovation, it is exceptionally popular within the Solana ecosystem. The reason for its popularity may be related to Jupiter's high valuation and potential airdrop opportunities.

Summary

The Perp DEX track demonstrates diversity and innovation, and early participation may present opportunities. However, users should also be aware of the security risks present in this track; even leading projects have been attacked, and the risks for new projects may be even higher. Caution should be exercised when participating, and risk management should be properly implemented.