A perpetual decentralized exchange, or perpetual DEX, is a trading platform operating on a blockchain that allows users to trade perpetual futures contracts without intermediaries. These exchanges enable leveraged trading on digital assets with no expiration date, using smart contracts for settlement and collateral management. They offer a non-custodial alternative to traditional derivatives markets.
Context
The current state of perpetual DEXs involves rapid innovation in capital efficiency and user experience within decentralized finance. A key debate centers on balancing high leverage capabilities with robust risk management protocols to prevent systemic failures. Future developments include improved liquidity provision, cross-chain functionality, and enhanced user interfaces for broader adoption.
Aster Protocol's new perpetual exchange architecture instantly attracted $2.42 billion, establishing a new capital efficiency baseline for BNB Chain derivatives.
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