Author: Jaleel
Original Title: This DEX Without Token Issuance Surpasses Uniswap in Revenue
Most people know that the most profitable business in crypto is contracts.
But can you imagine a low-key dark horse Perp DEX that has been operating for only a year, with 24-hour revenue surpassing Ethereum, Base, and other top public chains? Extending the timeframe to 7 days, it has outperformed Uniswap, Jupiter, AAVE, Lido, and other DeFi veterans. It is not only one of the few projects without token issuance in the top 15 daily revenue list but also the perp DEX with the best liquidity depth for BTC and ETH in the 0.01% spread range.
This new revenue curve "monster" is called edgeX.
Why is the revenue curve so fierce?
Unlike the well-known Hyperliquid, edgeX is a ZK-architecture perp DEX. Incubated by Amber, the core team gathers members with deep experience in high-frequency trading from Goldman Sachs, Jump Trading, and others. In terms of product form, edgeX is more like an "on-chain financial full-stack base": in addition to the perp DEX, there are two other product lines - eStrategy (vault) and the edgeX chain.
As mentioned at the beginning of the article, the quality of the product is directly reflected in its revenue, so comparing the revenue within the perp DEX track can more directly show edgeX's ferocity.
As a perp DEX that has been operating for only a year, in the past 30 days, edgeX's fee income was $10.53M, far exceeding the track veterans GMX's $3.85M and dYdX's $1.92M. In other words, edgeX's revenue is more than twice that of GMX and over five times that of dYdX.
Data source: defillama
So, how did edgeX break into the first echelon of perp DEX through its revenue curve? The answer might lie in trading depth and fees, the two most critical and intuitive metrics for traders.
In terms of liquidity depth, edgeX currently ranks second among all Perp DEXs. Taking the core BTC/USDT as an example, within the 0.01% spread range, edgeX's order book can support up to $6M in BTC order volume, surpassing Hyperliquid ($5M), Aster ($4M), and Lighter ($1M). Although the overall depth is still slightly inferior to Hyperliquid, on most cryptocurrencies, edgeX is the perp DEX with the best depth after Hyperliquid. For more in-depth content on this, you can refer to edgeX's research lead Dan's latest article "Understanding DEX Liquidity: A Comparative Look at Trading Efficiency".
Additionally, edgeX offers highly competitive rates for both Makers and Takers: Maker is only 0.015%, Taker 0.038%, significantly lower than Hyperliquid's 0.045%. Moreover, users can unlock VIP1 level by registering through an ambassador referral link, reducing Taker fees to 0.036% and earning up to 35% fee rebates as an ambassador - saving on trading costs while continuously accumulating airdrop points.
With such trading depth and fee advantages, edgeX's moat is naturally formed, driving its revenue curve. Even without token issuance, it proves edgeX's ability to continuously "token buyback" and build ecological blood.
More interestingly, looking at the global revenue ranking: among the Top 15 protocols (excluding USDT and USDC issuers), only a few have made it to the top without issuing tokens, and edgeX is one of them.
Data source: defillama
Many friends in the Chinese community might not have heard of this dark horse because this perp DEX rarely does narrative packaging, with its community audience more concentrated in Korean and North American communities.
In other words, this is a clear high-income, undervalued project still in its token window period - a rare Alpha.
Currently, edgeX uses edgeX Points as a contribution measure, distributed weekly, with 2.4M already issued. Acquisition methods include trading volume, position holding, vault participation, and invitations. The edgeX Messenger Ambassador program is also ongoing.
Trading volume can be manipulated, but profitable income is hard to fake. Whether in traditional finance or the web3 industry, only the "user's willingness to pay" in terms of real money truly validates a product's sustainability.
In less than a year, edgeX has brought its cash flow to the top 15 in the industry, which is a high-certainty growth curve and perhaps a highly certain Alpha. In the next stage, what FDV will it launch with, and what returns will it give early participants? We can look forward to it.
Twitter: https://twitter.com/BitpushNewsCN
Bitpush TG Community: https://t.me/BitPushCommunity
Bitpush TG Subscription: https://t.me/bitpush
