Explore the Innovations and Opportunities of Unissued Coin Perp DEX

Decentralized perpetual contract exchanges (Perp DEX) are a vibrant and innovative track in the blockchain field. Although projects like dYdX, GMX, and Synthetix have captured a major market share, a recent wave of emerging projects that have not yet issued coins is demonstrating strong competitiveness. These projects include Aark Digital, Drift, Zeta, MYX, Hyperliquid, and Jupiter, most of which are achieving cold starts through methods such as points. This article will detail the characteristics and potential opportunities of these projects.

Aark Digital

Aark Digital is a Perp DEX based on Arbitrum, and it completed a seed round of financing led by well-known investment institutions in July this year. Its main features include:

• Use a virtual liquidity pool model
• Parallel Market Maker (PMM) architecture, aggregating liquidity from CEX and DEX.
• Supports full-collateral cross-margin mode with multiple types of collateral.
• Provide leveraged liquidity
• Efficient settlement process

Aark Digital has implemented a series of incentive measures for cold starts, including a liquidity soft lock plan and trading volume mining activities.

Drift

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

• Built a complete set of trading products
• Multiple liquidity mechanisms
• Conduct transactions through Dutch auctions
• Set up an insurance fund
• Supports multiple collateral types as margin
• Liquidity providers can use leverage

Drift currently has a weekly lottery event based on Taker trading volume.

Zeta

Zeta is a derivatives protocol on Solana that offers perpetual contract trading services. Its product features are:

• Fully on-chain limit order book
• Simple perpetual futures trading model

Zeta has launched the Z-Score points system, where the higher the points, the more tokens you receive. The second season of the Z-Score event is about to start.

MYX

MYX is an innovative perpetual contract protocol that uses a unique matching pool mechanism:

• When the long-short balance is achieved, LP has no counterparty risk.
• In theory, it is possible to achieve an unlimited open interest.
• May bring higher trading volume
• Achieve zero slippage, no borrowing fees, and other advantages

MYX is conducting the second phase of testing, and users who participate in the testing can receive rewards.

Hyperliquid

Hyperliquid is a decentralized perpetual exchange operating on its own Layer 1.

• Provide order book trading
• Supports trading of various long-tail assets
• Provide a variety of market-making strategies Vault

Hyperliquid has launched a points system that allocates points to users weekly for 6 months.

Jupiter

Jupiter's JLP is a GLP product similar to GMX on Solana:

• Provide perpetual contract trading through a bundle of assets
• Very popular in the Solana ecosystem
• JLP has always been at capacity limits.
• The secondary market JLP may be at a premium

One of the reasons for Jupiter's high valuation and large-scale airdrop may be its popularity.

Summary

The Perp DEX track demonstrates diversity and innovation, and with various incentive measures, new stars may emerge to replace existing top projects. For users, early participation may bring more opportunities. However, it is important to note that this track also carries security risks, as even top projects have been attacked. The risks of new projects may be higher, and investors should assess carefully.