Author: FLB
Compiled by: Tim, PANews
1. Panoramic analysis of perpetual contract DEX airdrop
I view the current airdrop pattern of perpetual contract DEX as consistent with my view of all airdrop projects: we are deeply trapped in the dilemma of choice, and we have no choice when faced with various mining activities such as the points plan and SocialFi. The information noise on crypto Twitter is almost impossible to filter. I still insist on focusing on specific projects while participating widely.
2. Opportunities to participate in perpetual DEX
Over the past few months, I have observed an unprecedented increase in the popularity of perpetual contract DEXs. This is likely due to two factors: market participants trying to replicate the success of Hyperliquid, and major breakthroughs in areas such as RWA trading.
The following is a brief description of the perpetual contract DEX project I am participating in, including specific participation methods, corresponding project links (click on the title to access), and current progress:
- Hyperliquid is undisputedly the leader in the space, and there are still huge incentives yet to be awarded.
- If you are trading on Hyperliquid, be sure to use Okto to achieve a two-in-one transaction + wallet operation.
- HyperEVM currently has low user activity but has promising prospects. We have seen considerable airdrop rewards from projects such as Kittenswap.
My current ranking: Unknown
My strategy: Provide more than 100,000 USD perpetual contract trading volume and more than 15,000 USD spot trading volume every week, allocate part of the funds to HLP, and participate in HyperEVM ecological projects such as Liminal and Unit.
- High-quality projects built on Base have received US$12 million in financing from well-known institutions such as Pantera.
- Continue to launch new feature updates, such as RWA asset tokenization, zero-fee perpetual contracts, etc.
- You can get rich returns in the income vault
My current ranking: Season 1 Trading Ranking 1060th, Season 1 Liquidity Ranking 9251st, Season 2 Trading Ranking 847th, Season 2 Liquidity Ranking 765th
My strategy: I am quite satisfied with the current ranking, so I plan to maintain a monthly trading volume of 100,000-200,000 US dollars until the token is officially issued, and continue to lock the funds in the profit treasury.
- We are building an aggregated trading platform called SuperDEX: relying on Paradex's Starknet L2 architecture to achieve efficient and low-fee transactions, with a deep liquidity pool, and using zero-knowledge proof technology to ensure privacy and security.
- Season 1 was severely under-participated and with Season 2 set to end in a few weeks, hopefully the DIME token will be launched shortly thereafter.
- Recent analysis has found that participation in this field is still severely insufficient and it is relatively easy to make the list.
- You can also deposit funds into the LP Profit Vault to earn points.
My current ranking: Pre-season 1501st, Season 1 1179th, Season 2 1348th
My strategy: allocate a small amount of funds in Gigavault's huge profit vault ($3 million is still to go) and provide $100,000-250,000 in trading volume on this platform every week.
- It may be the most promising perpetual contract DEX I have ever seen. It has multiple positive narratives. Its core advantage lies in the zero-knowledge proof technology alignment solution built on infrastructure such as Succinct and Boundless.
- Completed US$5 million financing.
- Be sure to check out the current incentives to earn extra points
My current ranking: 48th, with only $600,000 in trading volume
My strategy: Complete the highest level of tasks every week (e.g. $135,000 in trading volume)
- The perpetual contract Rollup project based on Base has received US$12.6 million in financing.
- According to the Perennial browser, the current number of wallets is less than 5,000. The total locked value of its main revenue vault is less than $90,000.
My current ranking: 145,000 Petals points, top 2% of users
My strategy: Providing $50,000-200,000 in trading volume per week
- It has completed $5 million in financing and is currently in the early stages of development: it uses zk-Risk risk engine technology to achieve tradability of almost all assets. For detailed analysis, please refer to: link here
- The points program has been officially launched, and as the transaction volume grows, the difficulty of obtaining points will gradually increase.
My current ranking: 12205 points (not sure about my level yet)
My strategy: I am not actively trading on this platform at the moment, but I can earn 750-1000 credits per week by providing liquidity.
- Innovative perpetual contract DEX, supports trading of real-world financial assets such as S&P 500, but needs to be alert to liquidity risks and funding rate fluctuations in some markets
- It has completed US$3.5 million in financing, and its current competitiveness is significantly stronger than before.
My current ranking: 394 points
My strategy: Provide $100,000 of trading volume per week and allocate $1,000 to the profit treasury.
- We are building a perpetual contract DEX, using the ZK-Rollup technology route (aimed at building an EVM-compatible network based on Starknet). The current points plan is still in its early stages.
- It has completed a financing of US$6.5 million, and its excellent user interface design has been endorsed by well-known KOLs such as katexbt
- Although not a top priority, it is recommended to execute a small number of trades before others intervene.
My current ranking: 711th with 1339 points
My strategy: Have deposited $350 into the yield treasury, not currently actively trading on this platform, but should start providing $50k-100k in weekly volume.
- The perpetual contract DEX driven by zero-knowledge proof technology is still in the private beta stage and has received investment support from a16z.
- If you are invited, you must do your best to achieve high transaction volume on this platform, because the interactive experience is very smooth and there is no transaction fee.
My current ranking: 12645th, 44 points (need to increase participation)
My strategy: Provide 1-2 million USD trading volume per week and switch to trading non-mainstream currencies (rumor has it that this strategy can earn higher points)
- It has completed a financing of US$10.3 million and adopted a zero-fee model. The current market potential has not yet been fully tapped.
- It is still in the testing phase, but it is a potential project worthy of attention, testing and continued observation. Be sure to remain highly vigilant against liquidity risks (I have suffered significant losses here).
My current ranking: 430
My strategy: I have stopped participating for a while due to heavy losses, but based on the current ranking, fund size and fee structure, I may consider restarting the liquidity mining strategy with a weekly trading volume of US$10,000-50,000.
- Hyperliquid's competitor created by Binance may receive huge incentive injections.
My current ranking: None (due to current points suspension)
My strategy: Convert $500 into asUSDF and trade it at a low frequency
- Backpack is a well-known exchange project in the market, which stands out with its strong technical team and huge financial support.
- The exchange provides spot trading, derivatives trading and lending services.
- The second season points plan has been officially launched, but participation is low due to the real-name authentication requirement.
My current ranking: None
My strategy: I have not participated yet due to the real-name authentication threshold, but as far as I know, some users highly recognize it, similar to Arkham.
- Injective ecosystem core perpetual contract DEX (and other DeFi layout opportunities such as derivatives).
- I recently came into contact with this field and plan to start exploring it in depth to gain opportunities to participate in the Cosmos ecosystem.
My current ranking: None
My strategy: I own Injective’s native token INJ (from the staking period) and will use it to start my trading plan.
- The $16 million in financing was used to build an independent network, aiming to solve problems such as liquidity fragmentation, front-running transactions and performance bottlenecks.
My current ranking: None
My strategy: Start late on this project, probably only do a few sporadic transactions, but have established a significant early advantage over other protocols.
- A perpetual contract DEX based on Solana, built by Bybit.
- Currently in public beta: join the waitlist to participate.
There is no ranking or strategy yet, as we have not yet obtained project access.
- The perpetual contract DEX built by Ethena will have extremely abundant liquidity from the launch
- Ethereal test network is now officially open for testing, and the pre-storage channel is open
My current ranking: None
My strategy: I am gradually withdrawing from the project. The $700 million pre-deposit reminds me of the Berachain incident (excessive participation leading to dilution of airdrop rewards), because excessive market attention will significantly reduce the profit weight of a single participant.
- The CLOB order book perpetual contract DEX built on MegaEth has completed US$25.94 million in financing.
- In addition, the project is simultaneously developing spot trading functions and a token issuance platform.
My current ranking: None
My strategy: I do a few sporadic transactions, I am not actively participating in the testnet
- Zeta Markets is a rebranded perpetual contract DEX based on the CLOB order book architecture, deployed on Solana.
- Using zero-knowledge proof technology (such as Risc Zero's flagship product Boundless), the latter has received $52 million in financing.
My current ranking: None
My strategy: execute one trade per week.
- We have reached a cooperation with Kaito to jointly build a perpetual contract DEX for mind share trading. The operation logic is extremely simple and can achieve efficient trading.
- My current ranking: None, but I have accumulated $40,000 in testnet trading volume through trading
My strategy: Provide $20,000 of trading volume in different markets every week, and try to improve the leaderboard ranking in a single market.
- The perpetual contract DEX built on the N1 Layer1 testnet has completed US$7 million in financing.
- It is currently in the private beta stage and an invitation code is required to access it.
My current ranking: None
My strategy: I had completely forgotten about this project and now plan to execute one trade per week
at last
I try to trade profitably, but if you want a lower risk strategy, you can use Delta Neutral trading:
- Open a long position on any perpetual contract DEX
- Open a short position on another perpetual contract DEX
This operation will not cause you to lose funds, but you can still get the fees at the same time.
