@songliansheng

Perp DEX Industry Deep Dive: From Technical Breakthroughs to Ecosystem Warfare. The perpetual DEX (Perp DEX) sector has entered an explosive growth phase in 2025 — its market share has surged from 5% to 20–26%, with quarterly trading volumes exceeding $1.8 trillion. Hyperliquid still leads with $4.78B TVL and unmatched on-chain orderbook performance, but faces fierce competition from emerging players like Aster and Lighter. Zero-fee models, aggressive airdrop programs, and hybrid technological innovation (ZK-Rollups, appchains, yield-bearing collateral) are reshaping the industry’s landscape — pushing decentralized derivatives trading toward a new era of openness, speed, and sustainability.

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