Around the theme of "Future Development of Decentralized Derivatives", Jinse Finance invited the founders and executives of three leading DEX platforms to have an in-depth discussion. Combining their past experience in centralized exchanges, the three guests conducted extensive discussions on product design, user migration, stablecoin mechanism, risk control and token incentives.
Perpetual contract track: still a battleground for DEX
When asked why he chose to enter the DEX perpetual contract market, Leonard, CEO of DEX platform Aster, pointed out that with the improvement of infrastructure and on-chain experience, the usability of DEX products has been greatly improved, and it is no longer a transaction in a few seconds. In particular, the popularization of wallets and the simplification of KYC procedures have gradually lowered the threshold for user migration. He emphasized that the competition of DEX is not only in performance, but also in experience, such as "privacy protection" and "extreme fluency".
StandX co-founder and COO Justin said that contract trading is still the main source of income for CEX, but it is still in the early stages in DEX. He believes that the DEX contract trading market is huge and there is room for development. The StandX team has accumulated a lot of experience in contract product design and risk control in traditional financial backgrounds such as Binance and CME, which has become an important source of confidence for them to enter the DEX market.
Orderly co-founder Ran added that the core of DEX's structural breakthrough lies in "composability" and "permissionlist". "A good DEX must allow developers to freely access liquidity and build a personalized trading experience. This is the basis for truly breaking the centralized monopoly." Ran believes that open infrastructure will become the key to the prosperity of the DEX ecosystem in the future.
Fighting Hyperliquid: A new round of arms race in the DEX track
In the current market, Hyperliquid has become a leader in DEX, with an absolute advantage in trading volume. When the host asked the question "How to break through Hyperliquid's market share", the guests showed their cards one after another.
Leonard said that Aster has been deeply involved in risk control design for many years and is one of the few contract product teams that has been operating on the chain for more than three years without major accidents. At the same time, Aster is building its own product ecosystem, emphasizing the utilization rate of funds in the user transaction process, such as supporting interest-bearing collateral and seamless cross-asset transactions. It has also launched a mobile app to focus on mobile user experience.
Justin emphasized that StandX adopts a dual-module architecture of "stable currency + contract DEX". The stable currency DUSD it issued has currently reached a scale of 33 million US dollars, and the annual funds mainly come from the difference in contract funding rates. "Users holding DUSD can not only use it as a trading margin, but also have stable income, which is an extremely attractive combination for users." Justin believes that this "interest-bearing margin mechanism" will become their important differentiated advantage.
Ran focuses on "infrastructure empowerment". Orderly does not aim to compete with front-end products, but is committed to providing liquidity and transaction matching services for more than 50 DEXs. "We are more like an underlying platform serving builders, allowing more projects to quickly build personalized DEX products with low barriers."
Capital migration: DEX is reconstructing the logic of asset issuance
When talking about the profound impact of DEX on the entire industry, the guests' views were surprisingly consistent. Leonard believes that DEX has changed the issuance and flow logic of assets to the greatest extent. "Assets no longer rely on centralized exchanges to go online, but are priced and circulated by the on-chain community and demand, breaking the centralized price discovery monopoly."
Ran further pointed out: "The future financial system will eventually be moved to the chain." He emphasized that on-chain transactions have natural advantages in reducing development costs and releasing community participation. Compared with traditional centralized exchanges operated by thousands of people, small teams can also support a huge DEX ecosystem through smart contracts and community incentive mechanisms.
Justin believes that finance is essentially tending towards decentralization, and DEX is one of the most representative landing scenarios in this process. He emphasized: "The ultimate goal of capital is to find the best place for allocation, rather than relying on a certain intermediary to make a ruling."
Benchmarking Hyperliquid: Are the points mechanism and airdrops a must?
Hyperliquid launched a large-scale airdrop of 31% earlier, which quickly gathered a group of loyal users and became an important event in this round of DEX rise. The host took the opportunity to ask the three guests whether they also have similar incentive mechanisms.
Ran introduced that Orderly has launched a cross-chain machine gun pool, and users can participate in high-annual incentive activities by staking assets. At the same time, the platform is also preparing more profit-making methods based on asset creation.
On StandX, Justin revealed that the main body of DEX has not yet been launched, but there is an "early participation" activity. As long as users mint and hold DUSD, they can obtain future points and benefits.
Leonard of Aster said that the platform currently has a retrospective points recording mechanism, and in the future, airdrops will be allocated based on users' past transaction amounts. In addition, Aster's cooperation with the BNB ecosystem also brings unique advantages: through on-chain transactions, you can simultaneously obtain BNB new rights.
Is traditional capital really entering the DEX?
As to whether the entry of traditional listed companies into the DEX track is just a short-term marketing gimmick, the guests have different opinions.
Ran pointed out that most traditional capital has not yet really entered the market in a native cryptographic way, and still participates through traditional channels such as ETFs. He said that some high-yield token models that can be linked to cash flow will be more likely to be favored by traditional funds.
Justin emphasized that on-chain asset allocation is the core advantage of blockchain technology, and all assets should be on-chain in the future. He believes that the entry of institutional funds is not a question of "whether" but "when", and the key lies in the gradual improvement of the compliance foundation.
Leonard believes that many traditional companies are currently more short-term interventions for the purpose of "speculating on stock prices". To truly attract traditional capital to participate deeply, it is still necessary to make breakthroughs in technical and compliance aspects such as isolation of trading permissions (such as restrictions on addresses in specific countries). He said: "Only smart enough builders to solve these problems can truly open the door to long-term investment by traditional capital."
Conclusion
This roundtable provides a rare in-depth dialogue window for the decentralized derivatives track. At a time when the old and new trading paradigms are colliding fiercely, DEX platforms are gradually improving product experience, broadening ecological interfaces, and strengthening user incentive mechanisms to welcome a new wave of comprehensive migration of capital and user behavior. The end point of this migration may be a more transparent, open, and autonomous new financial world.
Live playback link: https://x.com/i/spaces/1MnGnwQZqYdJO
Note: This article is based on the live discussion of the guests and does not constitute investment advice. The market is risky and decisions must be made with caution.
Catherine
