Emerging Forces in Perptual Futures Exchange: Innovations and Opportunities of 6 Unissued Coin Projects

Recently, several promising new projects have emerged in the field of decentralized perpetual futures exchanges (Perp DEX). Although dYdX, GMX, and Synthetix have established market dominance, projects like Aark Digital, Drift, Zeta, MYX, Hyperliquid, and Jupiter, which have not yet issued coins, demonstrate strong competitiveness. Most of these projects adopt a points system to achieve a cold start, providing potential advantages for early participants.

Aark Digital: A Smooth Experience of Arbitrum Perptual Futures Platform

Aark Digital is a Perptual Futures DEX based on Arbitrum, featuring:

• Virtual Liquidity Pool Model
• Parallel Market Maker (PMM) architecture, integrating CEX and DEX liquidity
• Supports a full collateral cross-margin mode with various types of collateral.
• Efficient settlement process, no need to wait for the wallet to pop up the transaction and sign.

To attract users, Aark Digital has launched a liquidity soft lock program and trading mining activities, offering AARK coin rewards.

Drift: A Multifunctional Trading Platform on Solana

Drift provides comprehensive trading services in the Solana ecosystem:

• Integrated spot, leverage, and Perptual Futures trading
• Diversified liquidity mechanism
• Dutch Auction Trading Model
• Insurance Fund Mechanism
• Support for multiple collateral types as margin, automatically earning deposit interest
• Liquidity providers can use leverage

Currently, Drift incentivizes users to participate through the weekly lottery event Drift Draw.

Zeta: A Minimalist Perptual Futures Platform on Solana

Zeta focuses on providing simple Perptual Futures trading services:

• Fully on-chain limit order book
• Z-Score Incentive System, used to encourage user participation
• Collaborate with other projects to issue the Zeta Card, providing additional point rewards.

MYX: Innovative Perptual Futures Protocol

MYX adopts a unique matching pool mechanism to solve the liquidity limitation issues of traditional Perpetual Futures DEX.

• Theoretically, it is possible to achieve an unlimited open interest.
• Advantages such as zero slippage and no borrowing fees
• The second phase of testing is underway, and participants can receive rewards.

Hyperliquid: Decentralized Exchange on Autonomous Layer 1

Hyperliquid runs on its own Layer 1, providing functionalities similar to a centralized exchange:

• Supports trading of numerous long-tail assets
• Provide a variety of market-making strategies Vault
• Implement a points system to incentivize user participation

Jupiter: A Popular JLP Product on Solana

Although Jupiter's JLP has no significant innovations, it is exceptionally popular in the Solana ecosystem:

• JLP capacity often reaches its limit
• In the secondary market, there may be a premium of 10%
• The utilization rate of perpetual futures for certain assets often reaches 100%

Its popularity may be related to Jupiter's high valuation and the potential airdrop expectations.

Summary

The Perp DEX sector demonstrates diversity and innovation, with emerging projects having the potential to challenge the status of existing giants. However, users should be aware of the security risks present in this field, as even leading projects have faced attacks. New projects may carry higher risks, and investors should assess them carefully.