In front of us is the synthetic staking Falcon promoted by DWF, and behind us is the on-chain platform edgeX incubated by Amber. This generation of market makers has all taken to the field to work on projects, without exception, all betting on on-chain.
It is remarkable that this year, driven by Hype, the market cap ceiling of the on-chain derivatives track has been completely opened up, and none of them received VC investment, but instead bootstrapped from their own pockets.
Let’s briefly talk about edgeX incubated by Amber:
Unlike most actively trading market makers in the market, Amber has provided liquidity to numerous projects and offered asset management services, but it has never publicly participated deeply in projects or launched tokens.
This means that a company supported by Paradigm, Temasek, and Coinbase has not provided much opportunity for participation, except for those who deposit money for wealth management.
Although recently, Amber went public through a SPAC on the US stock market, and its stock price has more than tripled, it is still aimed at stock investors, and the exposure to participation is not in the form of buying tokens within the circle.
Thus, this time, stepping in to incubate projects and publicly supporting them becomes really meaningful. From an objective perspective, this is equivalent to a project initiated by Amber itself. If edgeX officially launches a token next, it would also be normal to say it is Amber's token.
High-performance narrative.
After Hyperliquid became popular this year, the narrative surrounding high performance + derivatives DEX has become popular in the industry. For players, the overall experience is almost akin to centralized contracts, and since it is on-chain trading, the entire process is transparently displayed on the block explorer.
This has allowed edgeX to determine its direction, which is to strive to become a high-performance DEX in the market while also building its own high-performance public chain to ensure it controls the entire performance upper limit design.
Currently, without VC support, edgeX's liquidity is second only to Hyperliquid and Lighter. As the officially claimed edgeX Vault gradually opens, liquidity will further increase.
This has also made edgeX one of the top 5 derivatives DEXs by trading volume on Defilima, and it is the only one among them that has not yet launched a token.
Market capitalization and token launch expectations.
According to edgeX's roadmap, the high-performance testnet is expected to go live in mid-June this year, also using Ethereum L2, ensuring that main chain assets can cross to the edgeX network at any time.
Currently, the leader in this track, Hype, although has decreased from its peak, still has a market cap of 20 billion, while the second-ranked Solana chain leader Jupiter has a market cap of 4.2 billion, both belonging to projects with relatively high market caps.
Since edgeX has no VC investment and is a project incubated and controlled by market maker Amber, community expectations are quite high, avoiding the possibility of having to launch on Binance Alpha first. It could also follow Hyperliquid's model of directly opening platform token trading within the app and guiding the price.