Rise of New Forces in Perptual Futures exchange: In-depth Analysis of 6 Innovative Projects

Decentralized perpetual futures trading exchanges (Perp DEX) are becoming one of the most promising sectors in the blockchain field. Although dYdX, GMX, and Synthetix have already captured a significant market share, a number of strong emerging projects have recently surfaced, such as Aark Digital, Drift, Zeta, MYX, Hyperliquid, and Jupiter. These projects often implement a points system and other methods for cold starts, providing substantial opportunities for early participants. Let’s dive into the innovations of these projects.

Aark Digital: A Pioneer in Liquidity Integration

Aark Digital is a Perpetual Futures DEX based on Arbitrum, its main features include:

1. Adopt a virtual liquidity pool model
2. Parallel Market Maker (PMM) architecture, integrating liquidity from CEX and DEX.
3. Supports a full margin cross-margin model with multiple collateral types.
4. Efficient settlement process to solve on-chain delays and Gas issues

Aark Digital incentivizes user participation through a liquidity soft-lock program and mining activities, providing generous reward opportunities for early adopters.

Drift: A Multifunctional Trading Platform in the Solana Ecosystem

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

1. Diversified Liquidity Mechanism
2. Innovative Dutch Auction Trading Model
3. Insurance Fund Mechanism
4. Supports multiple collateral types, automatically earns deposit yields
5. Liquidity providers can use leverage

Currently, Drift is attracting users through weekly lottery activities.

Zeta: A Minimalist Derivatives Protocol on Solana

Zeta focuses on providing perpetual futures trading services for the Solana ecosystem. It features a fully on-chain limit order book model, similar to dYdX. Zeta has launched the Z-Score points system, which rewards users based on trading volume, and collaborates with other projects to issue special cards to enhance user points acquisition.

MYX: An Innovative Protocol to Break Through Liquidity Constraints

MYX adopts a unique matching pool mechanism that effectively addresses the liquidity constraints of traditional Perp DEX. Its innovations include:

1. Theoretically, when the long-short balance is achieved, it can realize an unlimited amount of open interest.
2. Higher trading volume may be brought under the same liquidity.
3. Achieve zero slippage, no borrowing fees, and other advantages

MYX is currently in the second stage of testing, and early participants have the chance to receive rewards.

Hyperliquid: Decentralized Exchange on Autonomous Layer 1

Hyperliquid operates on its own Layer 1, providing features similar to those of a centralized exchange:

1. Supports trading of numerous long-tail assets
2. Provide a variety of market-making strategies Vault
3. Launch a points system to incentivize user participation

Jupiter: The Popular Choice on Solana

The JLP product of Jupiter, while not particularly innovative, is extremely popular within the Solana ecosystem:

1. JLP capacity is always at the upper limit.
2. JLP may be priced at a premium of 10% in the secondary market.
3. The utilization rate of the perpetual futures of major assets often reaches 100%.

Its popularity may be related to Jupiter's high valuation and large-scale token airdrop plan.

Conclusion

The Perp DEX field is currently in a rapid development stage, and these emerging projects showcase the diversity and innovative potential of this sector. Early participants may gain more opportunities, but they should also carefully consider potential risks. Even industry leaders have encountered security incidents, and the risks associated with new projects may be higher. Investors should fully understand the characteristics of the projects and weigh the risk and return when participating.