Chainfeeds Summary:
Many decentralized exchanges offering perpetual contracts are still in the pre-TGE stage, but have already launched ongoing points or incentive programs.
Article source:
https://www.techflowpost.com/zh-CN/article/29852
Article Author:
TechFlow TechFlow
Opinion:
TechFlow TechFlow: The perpetual contract trading volume rankings over the past 30 days clearly demonstrate the new landscape of decentralized derivatives exchanges: performance is no longer the bottleneck; architectural choices and target users are the real dividing line. Leading projects such as EdgeX, GRVT, Paradex, and Extended almost all adopt ZK Rollup or Validium routes, emphasizing millisecond-level latency, professional-grade order books, and a trading experience close to that of CEXs. Their common characteristic is abandoning pure DeFi purism and prioritizing high-frequency, institutional, and heavy traders. EdgeX achieves a throughput of up to 200,000 TPS based on StarkEx, while GRVT and Paradex use privacy, compliance, and institutional needs as core selling points. The consensus among these projects is that the real growth in the perpetual contract market comes from direct competition with CEX users, rather than the self-circulation of liquidity within DeFi. Another clear trend is the explosion of hybrid exchanges and the Hyperliquid ecosystem. Projects like Reya, Trade.xyz, Based, Bullpen, and Liquid have built front-ends, aggregators, or vertical applications around Hyperliquid L1 or its order book capabilities, significantly lowering the development threshold and creating a clear scale effect. Trade.xyz and Ostium have introduced non-crypto assets such as US stocks, indices, and commodities into on-chain perpetual contracts, essentially challenging the territory of traditional CFD brokers. Meanwhile, projects like Pacifica and Nado are finding a balance between speed and self-custody through off-chain matching and on-chain settlement. At this stage, DEXs no longer insist on being completely on-chain, but prioritize the trading experience; as long as the final settlement and asset control remain in the hands of the user, they are accepted by the market. In the later rankings, project differentiation becomes more pronounced. Ostium, Extended, and Vest choose RWA perpetual contracts as a breakthrough, covering gold, oil, forex, and stock indices, targeting users beyond just native crypto traders. Hibachi and Paradex emphasized ZooKeeper's privacy and provable settlement, addressing institutional concerns about position and strategy leaks. Astros and StandX, on the other hand, improved margin capital efficiency and reduced reliance on token incentives through deep integration with lending protocols or interest-bearing stablecoins. Overall, perpetual contract DEXs have entered the second phase of competition: it's not about who is more decentralized, but who can build a sustainable trading flywheel that balances compliance, privacy, asset scope, and capital efficiency.
Content source 
