Original | Odaily Planet Daily ( @OdailyChina )
Author: Wenser ( @wenser 2010 )
Whether the alt season has arrived is still controversial, but the contract season has undoubtedly arrived first. As BTC breaks through new highs and enters a period of volatility again, on-chain Perp platforms represented by Hyperliquid have once again become the focus of market attention, and their trading volume has also hit a record high as market sentiment heats up. At the same time, a number of new and popular platforms have gradually emerged in the market, and some projects have already obtained billions of dollars in liquidity. In view of this, Odaily Planet Daily will sort out the relevant information of the 6 most popular on-chain Perp platforms in this article for readers reference.
Note: The following content does not constitute investment advice. Odaily Planet Daily does not endorse any project and is for learning and sharing only.
Ethereal: A rising star in the Ethena ecosystem
As early as December last year, Azuma, a senior writer of Odaily Planet Daily, gave a detailed introduction to the platform in the article Can Ethereal, the first airdrop project in the Ethena ecosystem, replicate the miracle of Hyperliquid? At that time, its main concept was Hyperliquid in the Ethena ecosystem, and the main expectation was to launch the mainnet in Q1 this year and 15% of the tokens would be airdropped to ENA token staking users.
Official account: https://x.com/etherealdex
In February this year, it launched the Season Zero deposit campaign , where users can deposit USDe in Ethereal to earn Ethereal points and Ethena points (30x multiplier), as well as priority access to the testnet and future platform plans;
In early May, the official announcement was made that USDe pre-deposits had exceeded 1 billion US dollars, and Season Zero was coming to an end. The community currently has 25,000 independent users.
On May 28, an official statement stated that the USDe deposit amount has exceeded 1.2 billion US dollars.
On the one hand, the hot data highlights the popularity of the project. On the other hand, for users, there is no doubt that this is a ranking game with high competitive pressure.
StandX: The answer to the version supported by the Solana ecosystem, founded by former Binance Futures team members
The platform was initially established based on the Solana ecosystem and has previously received funding support from the Solana Foundation . In addition, according to its official website, it now supports the BNB Chain ecosystem.
Co-founded by the former head of Binances contract department and a former Goldman Sachs employee, the platform has launched a pre-deposit reward program. Users can mint DUSD by pre-depositing USDC/USDT, or get platform points incentives through LP, holding YT tokens, referral invitations , Swap interactions, etc. Previously, the official said that Perp DEX is expected to be officially launched in July.
Official account: https://x.com/StandX_Official
According to the latest official news, the number of users on the StandX platform has reached nearly 10,000 . The advantage is that users can withdraw funds at any time without locking them up.
StandX official website’s explanation on whether funds are locked
StandX official website interface
Aster: BNB Chain Ecosystem’s “Protagonist Project”
As a decentralized Perp DEX favored by Binance founder CZ, Aster (formerly Astherus) has also received considerable attention and has previously received investment from Yzi Labs (formerly Binance Labs).
In addition, as the USD1 launched by WLFI has attracted great attention in the crypto market, Aster has also provided USD1 deposit and contract trading channels, and also provided corresponding support for the one-month (June 4 to July 4) USD 1 million USD DeFi liquidity event initiated by WLFI in conjunction with BuildON, PancakeSwap, and Four.meme . Currently, Aster supports the two major ecosystems of BNB Chain and Arbitrum.
Official account: https://x.com/Aster_DEX
In May, cryptocurrency data platform CoinMarketCap (CMC) announced the launch of CMC Launch, a launch platform specifically designed for Pre-TGE projects, aiming to connect high-quality crypto projects with more than 50 million monthly active users worldwide. The first project to enter CMC Launch is Aster (AST).
In early June, Aster officially launched the Aster Reward Hub event , which includes a series of tasks. Users can earn RH and Au points through transactions, which will be converted into AST tokens during TGE.
Aster Rewards Hub Events
Levana Protocol: Cosmos Ecosystem Perp DEX spanning Osmosis, Injective, and Neutron
This is a slightly niche multi-chain Perp DEX. According to the official introduction of Levana Protocol, the platform provides decentralized perpetual contracts in more than 40 markets, including cryptocurrencies, commodities and foreign exchange, supports up to 50 times leverage, and is deployed on ecosystems such as Osmosis, Injective and Neutron.
Official account: https://x.com/Levana_protocol
In May, according to official news , the platforms transaction volume has exceeded 4 billion US dollars, mainly distributing transaction rewards through LVN tokens, and users can also participate in governance activities through tokens.
DeriW: On-chain Perp platform launched by CoinW exchange
The popularity of Hyperliquid also provides exchanges with an idea for building a new platform. DeriW is the latest attempt by the cryptocurrency exchange CoinW.
In March of this year, in the article In the name of security, DeriW rewrites the on-chain Perp DEX experience , CoinW officially gave a detailed introduction to the platform, mentioning: DeriW is a decentralized perpetual exchange that provides zero gas fee transactions, up to 80,000 TPS and enhanced security features (such as the UBPK system). It is supported by CoinW and aims to provide a trading experience comparable to that of centralized exchanges.
Official account: https://x.com/DeriWOfficial
In June, the Supernova trading event officially launched by DeriW is still going on, and users can participate in the test network to win DER points. In addition, users can also join the global ambassador program and get more incentives by inviting new users.
Slightly strict trading conditions
Ostium: RWA asset chain on the Perp trading platform
The official introduction of the platform is Go long or short on forex, stocks, indices, commodities and cryptocurrencies from your wallet. This sentence alone is enough to show the uniqueness of this project. It not only supports conventional cryptocurrency transactions, but also supports assets such as forex, stocks, index funds, etc. According to its official tweet released in May, the MAG 7 stock long and short leverage trading function has been launched.
It is understood that Ostium, built on the Arbitrum ecosystem, mainly provides price exposure to traditional financial assets (such as foreign exchange, commodities, indices, etc.) through synthetic assets, without actually holding these assets. The platform adopts a shared liquidity layer (SLL) design, combining a liquidity buffer pool (Liquidity Buffer) and a market-making vault to minimize the risk of liquidity providers and improve trading efficiency. Its main goal is to build a bridge between TradFi and DeFi, providing a transparent, non-custodial and high-leverage (up to 200 times) trading experience. It is worth mentioning that the platform also supports Polymarket platform event monitoring to trigger long and short contract transactions. According to media reports , on April 16, Ostiums daily trading volume peaked at US$938 million, of which trading assets were distributed in cryptocurrencies (53%), foreign exchange (22%), commodities (18%) and indices (7%).
As early as October 2023, Ostium Labs had completed US$3.5 million in financing, led by General Catalyst and LocalGlobe, with participation from individuals and institutions such as former Coinbase CTO Balaji Srinivasan, Susquehanna International Group, and AllianceDAO. Currently, according to official website information , the platforms treasury TVL is currently approximately US$55.85 million, and the USDC APR is approximately 17.66%.
Official account: https://x.com/OstiumLabs
Dune data shows that Ostium, which focuses on the concept of long or short any asset, has a total trading volume of over 8.888 billion US dollars, with overall transaction revenue of 3.655 million US dollars and a total number of platform users of 8,796 people.
Platform Information
Summary: On-chain Perp has become a battleground, and users also need to upgrade and iterate
After Trump also issued his own official Meme coin, the chain has become a hot spot for crypto exchanges, project parties and traders. Perp DEX, which meets the natural gambling needs of the cryptocurrency crowd, has naturally become the current hot track.
The above projects are either new attempts in mature ecosystems, or version iterations of OG teams, or on-chain transformation of traditional finance, or DEX attempts by exchanges. In any case, the competition for land on the chain never stops, and what users can do, in addition to depositing and interacting, is to be flexible and discerning, and obtain potential excess returns while guarding against risks.
