EdgeX, a decentralized perpetual trading platform, saw its total value locked (TVL) nearly triple in the past week to a record $86.4 million, contributing to a 700% gain over the month.
The surge is attributed to deposits of Ethereum-based tokens, with the chain making up 99% of the TVL, followed by Arbitrum and BSC. Traders deposit USDT and AETHUSDT, which represents a yield-bearing token that Aave users receive after depositing USDT into the Aave V3 app on Ethereum.
On July 9, EdgeX saw a record inflow of AETHUSDT, as over 21 million tokens reached the perpetual exchange. Meanwhile, a record $10.8 million worth of USDT was withdrawn.
On July 8, perpetuals trading volume reached the highest level this year at over $500 million, although the metric still hasn’t broken the record established at the end of 2024, when the platform handled $888 million worth of trades. Nevertheless, fees and revenue figures hit a new record at over $250,000, suggesting increasing activity and a higher number of trades.
The derivatives trading platform launched its testnet in July 2024, offering a high-performance perpetual DEX that hosts order books directly on-chain. EdgeX was developed by experts from Barclays, Morgan Stanley, Huobi, and Bybit. The team aimed to merge the performance of centralized finance with the security and transparency of DeFi.
Following its launch, the TVL remained below $10 million until April 2025, when it doubled to over $11 million.
At the end of June, the platform held about $13 million in TVL, which has expanded by six times since then.
Thanks to its rapid growth, EdgeX is currently the seventh-largest derivatives trading project in DeFi, surpassing the likes of Synthetix V3, Aster, and Contango. The sector is led by Solana-based Jupiter, Drift Trade, and multi-chain platform GMX, and Hyperliquid, which leverages a proprietary decentralized network.
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The post Perpetual DEX EdgeX Hits $86M in TVL After 700% Monthly Gain appeared first on NFTgators .
