In recent years, crypto derivatives have been one of the most important sectors in the market. According to CoinGecko data, the daily trading volume of derivatives once accounted for over 60% of the overall market during the peak of the bull market. However, the monopoly of centralized platforms and frequent black swan events have led to ongoing calls for change in the market. Investors need not only liquidity and depth but also "visible transparency" and "risk-resistant security." Against this backdrop, decentralized derivatives have gradually moved from the margins to the center stage, becoming the focus of a new wave of innovation. In particular, trading tools represented by perpetual contracts are seen as the ultimate testing ground for DEX due to their ability to meet high-frequency trading and hedging needs.
In this trend, how to provide performance close to CEX while ensuring transparency has become a common technical challenge in the industry. Whoever can first solve the balance between "efficiency and transparency" may gain an advantage in the second half of the market landscape.
Gate's Perp DEX, launched based on its self-developed Layer 2 network Gate Layer, is a response to this issue. Unlike the "slow" and "single-function" early DEXs, it emphasizes two points in its design: speed and public verifiability.
In terms of speed, Gate Perp DEX achieves low latency and high concurrent processing through a high-performance matching engine and layered architecture, maintaining stable matching even during significant market fluctuations. This means users no longer have to worry about "order delays" or "missing the best closing points," making the trading experience closer to that of CEX.
In terms of transparency, it chooses to put all transaction orders and balance change data on-chain in real-time, allowing users to verify directly through on-chain browsers, reducing the possibility of opaque operations. More importantly, there are plans to fully put order data on-chain in the future, further eliminating potential manipulation risks. This strategy of "putting data in the sunlight" not only aligns with regulatory trends but also addresses the trust issues that users care about most.
If speed and transparency solve the "essentials" of trading, then multi-chain support and rich functionality determine the platform's "attractiveness." Gate Perp DEX already supports USDT deposits and withdrawals on mainstream networks such as Solana, Ethereum, BSC, and Base, and achieves cross-chain communication through Vault contracts and the LayerZero protocol. This multi-chain compatibility makes fund inflows and outflows more flexible, lowering the barriers for user migration.
In terms of functional design, the platform supports both bidirectional and unidirectional position modes, offers both full and isolated margin, and covers regular operations such as market orders, limit orders, and conditional orders, even including tools for "advanced players" like take-profit and stop-loss orders, as well as iceberg orders. Such design not only attracts high-frequency traders but also leaves room for institutional users. Furthermore, the platform plans to launch an L3 data recording layer for all on-chain orders and matching data, further enhancing immutability and traceability while maintaining throughput. These layouts are clearly laying the foundation for future scalable applications.
Looking back at the entire industry, the competition in decentralized derivatives has entered a "deep water zone." dYdX gained a large user base due to its first-mover advantage but also faces pressures of chain migration and continuous innovation; GMX stands out with its unique liquidity mechanism but has limited performance under high concurrency and extreme market conditions. In this landscape, whoever can balance performance, transparency, and ecological expansion may become the true winner.
The emergence of Gate Perp DEX indicates that mid-tier platforms are also actively seeking opportunities for "lane-changing overtaking." It is neither a simple copy of dYdX's order book model nor just following GMX's liquidity pool design, but attempts to push both performance and transparency to new heights with a Layer 2 architecture at its core. In the short term, its ability to quickly accumulate trading volume and users is key to its success; in the medium to long term, it depends on whether the ecosystem can spill over and find more anchor points in cross-chain, RWA, and DeFi scenarios.
It is foreseeable that the future derivatives market will no longer be a competition of a single dimension but a comprehensive contest of transparency, speed, functionality, and ecology. For users, this means more choices and higher standards; for the industry, this may be a crucial step for decentralization to truly enter the mainstream financial narrative.
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Original article: “Gate Perp DEX Launches, Promising a Dual Breakthrough in Efficiency and Transparency for Decentralized Derivatives”
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