Perp DEXs have been the talk of the town as of late.
As dYdX’s major token unlock draws closer, attention is being placed upon other top DEXs in the industry.
Whil $DYDX is performing well despite its incoming unlock, other tokens in the sector are seeing outsized gains…
In today’s edition, we’ll be going over some of the top perp DEXs right now.
Stay alert, stay informed ⬇
Crypto Market Update:
- Top Gainer (24H) in the top 50 mcap: THORChain $RUNE increased in price by 4.1%.
- Top Loser (24H) in the top 50 mcap: Immutable $IMX is down -6.2%.
- The total crypto market cap has seen a decrease by 0.2% to stand at $1.39T.
- BTC dominance in the market is currently at 53.2%.
- The median gas price on Ethereum over the past 24 hours has been 38 gwei.
News
- Wormhole Raises $225M at $2.5B Valuation: Blockchain communication platform Wormhole secures $225 million funding, launching Wormhole Labs for cross-chain development.
- Philippines SEC Warns Against Binance: The Philippines' SEC may block Binance for operating without a license, warning of potential criminal liability for local promoters.
- Cristiano Ronaldo Sued Over Binance Promotions: Soccer star Cristiano Ronaldo faces a lawsuit for allegedly promoting unregistered securities with Binance.
- High Failure Rate in Web3 Games: Study reveals that 75.5% of Web3 games launched in the past five years have failed, highlighting challenges in the GameFi sector.
Project Updates
- Aave's GHO Stablecoin Nears $1 Value: Aave's GHO stablecoin, guided by "benevolent temporary dictator" TokenBrice, approaches its $1 peg, challenging its unstable reputation.
- KyberSwap Hacker Proposes Deal: The hacker behind the $47 million KyberSwap theft hints at a potential agreement with victims, promising a statement on November 30.
- BNB Chain's opBNB Aims for Enhanced Performance: BNB Chain's layer-2 network opBNB plans to double transaction speed and reduce fees in a new technical roadmap.
-Velodrome and Aerodrome Websites Compromised: Users are warned as decentralized exchanges Velodrome and Aerodrome face DNS attacks, risking fund security.
- Sei Labs to Integrate Ethereum Virtual Machine: In its V2 upgrade, Sei Labs plans to support Ethereum-based contracts, enhancing cross-chain functionality.
- Big Shrapnel Lawsuit Emerges: Hostile takeover and internal conflicts erupt at Shrapnel, an FPS game on Avalanche, with founders suing for control amid financial disputes.
Vertex Protocol
Marketcap: $62M
FDV: $424M
Price: $0.42
Vertex launched last week, and notably flipped dYdX to be the #1 derivatives platform by volume.
Similarly to dYdX, Vertex considered deploying on Cosmos but ultimately decided the EVM compatibility present on Arbitrum provided more safety and better performance.
Centralized servers and optimistic processing of trades and order placements make Vertex speedy.
Users can self custody their assets, but trades are handled centrally, the trade off for performance.
The platform also offers cross-margin collateral.
Some have suspected wash trading on the platform, as volume remains high but Open Interest doesn’t align with that of perp DEXs with similar volumes.
RabbitX
Marketcap: $27M
FDV: $105M
Price: $0.105
RabbitX provides up to 20x leverage with no gas fees.
The exchange is backed by Defiance, Mechanism Capital, Multicoin, OKX Ventures, among others.
As dYdX has migrated to their own Cosmos chain, RabbitX remains on Starknet.
Kwenta
Marketcap: $88M
FDV: $132M
Price: $171.42
Kwenta’s recent price action mirrors that of SNX, which shot past its yearly high earlier this month.
Protocols in the SNX ecosystem like Kwenta, and Lyra, have seen similar price spikes.
Kwenta is powered by Synthetix, leveraging their liquidity to provide markets that can be traded by those with size.
Aevo
Marketcap: $273M
FDV: $324M
Price: $0.32
Aevo is an Options trading exchange built by the Ribbon Finance team to target pro and institutional derivatives traders looking for an on-chain alternative to centralized Options providers.
The exchange operates on it’s own ‘Derivatives L2‘ featuring both options and perps trading.
The platform has been quick to launch trending tokens, even going so far as to launch futures for tokens that don’t exist e.g. $BLAST pre-launch futures.
Aevo is built by the Ribbon Finance team, which has rebranded existing structured products to be included under the Aevo umbrella.
While there is no AEVO token yet, the $RBN token will be rebranded to $AEVO.
The L2 is also teasing a solution for idle stablecoins on L2s and collateral tokens on derivatives platforms to earn yield.
Perp DEX Points Programs & Incentives
Hyperliquid is a perps DEX operating on its own chain.
IntentX leverages the power of Intents to provide snappy perps trading.
Trading earns points for the projects upcoming $INTX airdrop.
Contango is a unique perps DEX, using looping of liquidity on lending markets like Aave to enable leverage.
The project has confirmed that there will be a token and early users will be rewarded for any volume traded.
Parifi is a perpetuals protocol we covered earlier this week, though no plans for airdrops or points programs have been published.
Drift Protocol is a Solana perp DEX, which many suspect will implement their own points or airdrop program.
Jupiter exchange is another Solana based platform that includes perps trading, among a myriad of other services.
While a snapshot has already been taken for their airdrop, this was only for phase 1 of the program, with 3 more phases coming ahead.
Perps trading volume over $1k may be rewarded, as this was the swap volume threshold for the 1st phase of the airdrop.
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