Introduction: The Second Awakening of DeFi Derivatives
▪️ DeFi derivatives are entering their second awakening — moving from “Can perpetuals work on-chain?” to “Can they outperform CEXs?”
▪️ 2025’s new wave of Perp DEXs delivers near-CEX execution, fully on-chain matching, and sustainable token models.
▪️ Why This Shift Matters
▪️ Millisecond on-chain execution
▪️ CLOB replacing AMM across top protocols
▪️ Liquidity-matching separation for deeper books
▪️ ZK-powered verification improving trust, privacy, and performance
🟦 Hyperliquid — The On-Chain CLOB Pioneer
▪️ Fully on-chain matching via HyperCore + HyperEVM
▪️ Millisecond latency, 200k+ TPS, deep liquidity
▪️ Maker/Taker: 0.01% / 0.04%
▪️ Tokenomics: Dynamic buyback, net-burn model tied to real protocol revenue
▪️ Self-sustaining ecosystem: HLP vaults, USDH stablecoin
🟩 Aster — Dual-Mode Perp DEX With Privacy Layer
▪️ “Simple Mode” for beginners, “Pro Mode” with stealth orders + MEV protection
▪️ Hybrid matching engine, future Aster Chain + multichain access (BNB, ETH, ARB, SOL)
▪️ Maker/Taker: 0.01% / 0.03%
▪️ Tokenomics: Community-first, controlled deflation, 53.5% user allocation
▪️ Strong early branding momentum (APX → ASTER migration, major endorsements)
🟧 GRVT — ZK-Powered Institutional Perp DEX
▪️ Private order settlement using ZKsync + EigenDA
▪️ Negative maker fees (-1bp), institutional liquidity design
▪️ Offers fixed-income products (10% APY) inside a derivatives ecosystem
▪️ Tokenomics: Privacy + institutional trust focused, designed for regulatory alignment
▪️ Value tied to privacy computation yields + stable returns
🟪 Lighter — Ethereum L2 “ZK Computer” for High-Frequency Trading
▪️ Custom ZK matching engine verifying trades on-chain
▪️ Extremely low fees (Maker <0.01%, Taker <0.03%)
▪️ Designed specifically for perpetuals; ecosystem built around low-latency execution
▪️ Tokenomics: Low-inflation, L2-style incentives (similar to OP/ARB)
▪️ Focuses on liquidity sustainability over deflationary hype
📌 Industry Trend: Tokenomics Evolve Beyond Yield Sharing
▪️ New Perp DEXs shift from GMX-style revenue sharing → deflationary value loops
▪️ Buybacks, burns, and staking compounding fuel long-term supply reduction
▪️ Token value increasingly tied to protocol revenue elasticity
📉 What This Signals for the Market
▪️ The performance gap between CEX and DEX is closing fast
▪️ Perp DEXs are becoming high-performance financial infrastructure
▪️ The next competitive battleground:
▪️ User growth
▪️ Ecosystem stickiness
▪️ Liquidity efficiency
▪️ Regulatory trust
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