Analysis of Innovation and Opportunities in Unissued Coin Perp DEX

Decentralized perpetual contract exchanges (Perp DEX) have emerged as a promising sector, with several competitive new projects recently surfacing. Although dYdX, GMX, and Synthetix have captured major market shares, unissued projects such as Aark Digital, Drift, Zeta, MYX, Hyperliquid, and Jupiter also demonstrate strong capabilities. Most projects utilize methods like points to achieve a cold start, providing potential opportunities for early participants.

Aark Digital

Aark Digital is a Perp DEX based on Arbitrum, which completed its seed round financing in July this year. Its main features include:

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

Aark Digital is launching cold starts through a liquidity soft-lock program and mining activities. The second round of the liquidity program (December 20 - February 20) offers a reward of 200,000 AARK tokens, with trading volume mining activities distributing 200,000 AARK each week.

Drift

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

• Complete set of trading products
• Multiple liquidity mechanisms
• Dutch auction trading
• Insurance Fund
• Multiple collateral support
• Leveraged Liquidity Provision

Currently, Drift attracts users through weekly lottery events called Drift Draw, but does not explicitly provide native token incentives.

Zeta

Zeta is a derivatives protocol on Solana that offers perpetual contract trading services. Its features include a simple on-chain limit order book. Zeta implements a Z-Score point system, where the higher the score, the more tokens earned. The second season of the Z-Score event is about to begin.

MYX

MYX is an innovative perpetual contract protocol that utilizes a unique matching pool mechanism to address the liquidity limitations of traditional Perp DEX. Its features include:

• Theoretically, unlimited open interest can be achieved when long and short positions are balanced.
• Zero slippage, no borrowing fees

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

Hyperliquid

Hyperliquid is a decentralized perpetual exchange running on its own Layer 1. Its features include:

• Support long-tail asset trading
• Provide a Vault with various market-making strategies

Hyperliquid will implement a 6-month points system starting from November 1, distributing 1 million points each week.

Jupiter

Jupiter's JLP is a GLP product similar to GMX on Solana, providing perpetual contract trading services through a bundle of assets. Although it is not highly innovative, it is very popular in the Solana ecosystem, possibly related to Jupiter's high valuation and potential airdrop.

Summary

The Perp DEX track showcases diversity and innovation, combining different incentive mechanisms, which may lead to the emergence of new contenders that could replace existing leading projects. Early participants may have more opportunities. However, it is important to note that this track has frequent security incidents, and even leading projects have suffered attacks, making new projects potentially riskier.