Perpetual options + asset-based allow any crypto to participate in speculation, perhaps a better direction for overtaking CEX.
Written by: Web3 Farmer Frank
In the past five years, from dYdX to GMX, and now to Hyperliquid, the narrative of high-leverage on-chain derivatives has always revolved around 'contracts' as the main line.
Among several protocols, those starting from the perspective of being 'CEX alternatives' attempt to balance higher leverage, better decentralization, and deeper trading, successfully occupying the dominant position of on-chain trading structure. In contrast, the trading volume of options products in the TradFi market has consistently outpaced futures by several times, yet on-chain, it has fallen into a stagnant state.
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