⚡️ Traditional finance professionals sleepless: On-chain Perp now supports shorting US stocks, with $8.8 billion trading volume just the beginning.
As BTC reaches new highs and enters a period of volatility, on-chain perpetual contract (Perp) platforms are experiencing explosive growth. Hyperliquid's trading volume repeatedly breaks records, while a batch of new platforms rapidly rises, with some projects attracting billion-dollar-level funding.
Ethereal: The 'deposit monster' of the Ethena ecosystem.
Positioning: A Hyperliquid alternative in the Ethena ecosystem, focusing on high expectation airdrops (15% of tokens airdropped to ENA stakers).
Highlights: USDe pre-deposits exceed $1.2 billion, Season Zero activities attract over 25,000 independent users.
Current situation: Huge deposits highlight the heat, but also mean users face intense competition in 'points ranking'.
StandX: A powerhouse in the Solana ecosystem.
Background: Founded by former head of Binance contracts and former Goldman Sachs members, supported by the Solana Foundation, now expanding to BNB Chain.
Mechanism: Deposit USDC/USDT to mint DUSD, earn points through LP, holding YT tokens, invitations, etc., with funds available for withdrawal at any time.
Progress: Nearly ten thousand users, expected to officially launch Perp DEX in July.
Aster (formerly Astherus): A 'direct' project on BNB Chain.
Endorsement: Gained attention from Binance founder CZ and investment from Yzi Labs (formerly Binance Labs).
Innovation: Supports USD1 stablecoin trading, jointly launching a million-dollar liquidity initiative.
Exposure: The first project to settle on the CoinMarketCap Launch platform, users can earn points to exchange for future AST tokens through the Aster Reward Hub.
Levana Protocol: A multi-chain expander in the Cosmos ecosystem.
Features: Covers Osmosis, Injective, Neutron, offering 40+ markets (including cryptocurrencies, commodities, foreign exchange), with leverage up to 50x.
Data: Trading volume exceeds $4 billion, rewards and governance distributed through LVN tokens.
DeriW: An experience innovator with an exchange background.
Backer: Incubated by CoinW exchange, focusing on CEX-level experience.
Technology: Claims zero gas fees, 80,000 TPS, UBPK security system.
Activity: Supernova testnet activities and global ambassador program are underway.
Ostium: A bridge for traditional asset on-chaining.
Disruptive: Supports long/short trading of foreign exchange, stocks (MAG 7), indices, commodities, and cryptocurrencies, with leverage up to 200x.
Model: Utilizes synthetic assets and shared liquidity layer (SLL), with a TVL of about $55.85 million (USDC APR 17.66%).
Achievement: Total trading volume exceeds $8.888 billion, with a daily peak of nearly $938 million (53% cryptocurrencies, 47% traditional assets).
Background: Raised $3.5 million in funding (led by General Catalyst), with participation from Balaji Srinivasan and others.
Comparison of core data from six major on-chain Perp platforms:
On-chain Perp: A 'Three Kingdoms' battle of exchanges, capital, and users.
From Ethereal's astonishing pre-deposit to Ostium's disruption of traditional financial markets, the on-chain Perp track has become a battleground for capital, exchanges, and top teams. Whether it's the on-chain attempts of traditional finance or the dimensional reduction attacks by CEX-backed teams, innovation and risk always coexist.
Users in this feast must keenly capture airdrop opportunities and high yield possibilities, while also being acutely aware of the risks of smart contracts and market volatility—after all, the 'double-edged sword' attribute of high leverage has never changed. The competition among on-chain Perps has just begun; the true winners may be quietly growing beyond our attention.