In this tepid market situation, how does Perp DEX's new force break through?

Author: CapitalismLab

Surprisingly, @ApolloX_Finance's trading volume has surged to the top of Perp DEX, even leading by a wide margin.

What has revitalized this "ancient" project? In this tepid market situation, what are the various ways for Perp DEX's new force to break through? This thread will provide you with an in-depth analysis of the difficult growth path of Perp DEX in a bear market.

In our previous article, we summarized the current situation, which is that Perp DEX's current user growth has entered a bottleneck period, and the trading volume relies heavily on trading incentives. In simple terms, no one is using it, and it can only rely on a large amount of airdrops to boost the trading volume data.

So why has Apollox emerged as a dark horse? When discussing a project, we cannot ignore the project's development environment. Apollox is the flagship project of BSC, and industry insiders often refer to it as Binance Smart Chain's "son."

BSC has a characteristic: a large number of users, with daily active users reaching millions. Although the DeFi ecosystem has been heavily criticized, Pancake, which is basically based on BSC, can lead in daily active users compared to the multi-chain thriving Uniswap, and even surpasses the likes of OP/Base, these star L2 chains.

However, since BSC's user base largely overlaps with Binance's, most of these users do not resist centralized exchanges. Compared to on-chain Binance, the experience for these users is better. Contract trading is mainly focused on mainstream coins, lacking the advantage of DEX targeting long-tail coins.

How to break through? Apollox has developed the Degen mode, supporting leverage of up to 500X or even 750X, as Binance can only offer up to 25X. This now provides a sense of excitement several times that of Binance.

Degen mode has zero opening fees and zero slippage, and charges based on user profits. For aggressive users, the attractiveness is immediately enhanced, and it also fills the gap in ultra-high leverage contracts where Binance is lacking. Currently, 80% of APX V2's trading volume comes from high leverage (500ETH/BTC).

However, the success rate of high leverage is often very limited. Apollox V2 uses a similar LP gambling mode to GMX, which is very comfortable, and the price of ALP is steadily rising. (5/10)

Although BSC has a large number of users, they are relatively shallow, especially in a bear market, the motivation to try new things is low. Growth is not easy at this time.

Apollox has chosen to embrace the big players and provide external services. The contract trading for Pancake is provided by Apollox, after all, the nearly 100,000 daily active users of Cake are enough to support it. This provides a long-term source of user growth.

In the recent Friend Tech wave, two Perp DEXs have followed the trend and launched corresponding contract trading pairs.

@HyperliquidX chose to use the median price of top accounts, while @aevoxyz chose the overall TVL data of Friend. Both have innovatively used Friend Tech's business data to formulate index prices, rather than the common practice of trading based on token price expectations.

Although the volume is currently limited, this highlights the flexibility of Perp DEX and its advantage in providing differentiated products. This means that even if there is no narrative, only products, trading can still take place.

As long as there is speculative sentiment, various differentiated products can be flexibly launched to cater to this sentiment. And currently, most narratives are derived from on-chain, making Perp DEX relatively closer to CEX.

In addition, some projects are seeking breakthroughs in terms of entry barriers and growth channels. For example, MUFEX took advantage of the bot narrative to launch its own Game bot, using gamification to involve users in $SHIB contract trading, aiming to achieve user growth through low barriers and community fission.

In summary, Apollox has basically combined the current ecological status of BSC and achieved a breakthrough in some areas through a combination of ultra-high leverage and other tactics. Other Perp DEXs are also seeking growth by providing differentiated products and lowering entry barriers.

Although the performance of leading coins like GMX is not ideal, the high ceiling of this race still attracts talented developers to continue to invest, and the competition intensity is still growing.

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