Perptual Futures DEX Innovation Wave: In-Depth Analysis of Six Unissued Coin Projects

Recently, the decentralized perpetual futures exchange (Perp DEX) sector has welcomed a wave of innovation. Although projects like dYdX, GMX, and Synthetix still dominate, a batch of emerging projects that have not yet issued coins are demonstrating strong competitive power, injecting new vitality into this field. This article will delve into six highly regarded projects: Aark Digital, Drift, Zeta, MYX, Hyperliquid, and Jupiter, exploring their innovations and potential opportunities.

Aark Digital: A Comprehensive DEX for a Smooth Experience

Aark Digital is a Perptual Futures DEX based on Arbitrum, adopting multiple innovative mechanisms:

• Virtual Liquidity Pool Model
• Parallel Market Maker (PMM) architecture, integrating liquidity from CEX and DEX.
• Full collateral cross-margin model with multiple collateral types
• Support for leveraged liquidity provision
• Efficient trading settlement process

To attract users, Aark Digital has launched a liquidity soft lock plan and a trading mining event, distributing a total of 100 million AARK coins.

Drift: A Multifunctional Trading Platform on Solana

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

• Diversified liquidity mechanism
• Innovative Dutch auction trading model
• Insurance Fund System
• Multi-collateral support, automatic deposit earnings
• Support leveraged liquidity provision

Currently, Drift attracts users through weekly lottery activities but has not yet clearly proposed a token incentive plan.

Zeta: A Minimalist Perptual Futures Platform on Solana

Zeta focuses on providing a fully on-chain limit order book for Perptual Futures trading. Its features include:

• Simple product design
• Z-Score Points System
• Collaborate with other projects to launch Zeta Card

Zeta is conducting the second season Z-Score event, attracting users through point rewards.

MYX: An Innovative Protocol to Break Through Liquidity Bottlenecks

MYX adopts a unique matching pool mechanism that effectively solves the liquidity limitation issues of traditional Perptual Futures DEXs:

• Theoretically, an unlimited open interest can be achieved when long and short positions are balanced.
• Similar liquidity may lead to higher trading volume
• Advantages such as zero slippage and no borrowing fees.

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

Hyperliquid: A Versatile DEX Built on Layer 1

Hyperliquid runs on its own Layer 1, providing functionalities similar to traditional centralized exchanges:

• Supports trading of various long-tail assets
• Vault offering various market-making strategies
• The points system incentivizes users to participate

Jupiter: The Popular Choice on Solana

Although Jupiter's JLP product lacks much innovation, it is extremely popular within the Solana ecosystem.

• JLP capacity often reaches the limit
• The premium in the secondary market is significant.
• Perptual Futures capital utilization rate is high

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

Summary

These emerging projects in the Perp DEX field showcase the innovative potential and diversity of this sector. With various incentive mechanisms, they are expected to challenge the positions of existing leading projects. For users, early participation may bring more opportunities. However, it is important to note that security incidents are frequent in this field, and new projects may carry higher risks, so it is essential to exercise caution when investing.