The cryptocurrency exchange OKX has developed a decentralized perpetual contract trading platform similar to Hyperliquid and Aster, but its founder pointed out that the platform has not yet been launched due to regulatory concerns.
OKX founder and CEO Xu Mingxing revealed in a post on the X platform on Sunday that OKX's Web3 department developed this unnamed platform in 2023.
Xu Mingxing stated, "Hyperliquid proves that even with very few employees, significant success can be achieved in the on-chain perpetual contract space. Now, more competitors like Aster are entering this field."
He further explained, "OKX Web3 has been testing similar products since 2023, but due to regulatory concerns, we chose not to launch a mainnet version."
The decentralized perpetual contract exchange Hyperliquid launched in 2024 and has become one of the top perpetual contract trading venues in the decentralized finance (DeFi) space, achieving its strongest performance in July with a trading volume of approximately $319 billion.
Meanwhile, ASTER launched in July under the name Aster Chain, supported by YZi Labs, which is associated with Zhao Changpeng (CZ), positioning itself as a direct competitor to Hyperliquid. According to DefiLlama data, its trading volume has exceeded $22 billion in the past 30 days.
Xu Mingxing did not specify the development progress of the product, but he mentioned that the U.S. Commodity Futures Trading Commission (CFTC) enforcement action against Deridex in September 2023 was a concerning factor.
In the 2023 enforcement action, the CFTC accused Deridex of illegally offering digital asset derivatives trading services without being registered as a swap execution facility or futures commission merchant, specifically targeting its perpetual swap contract products.
Two other protocols, Opyn and ZeroEx, were also named in the enforcement action for illegally offering leverage and margin retail commodity trading of digital assets.
Xu Mingxing emphasized, "While we are pleased with the growth of on-chain perpetual contracts, we should not forget the CFTC's enforcement action against Deridex in 2023. Regulatory enforcement has fundamentally changed—hopefully, the industry can soon obtain the much-needed regulatory clarity."
Since the election of cryptocurrency-friendly U.S. President Donald Trump in January, the regulatory stance in the U.S. has undergone a significant shift.
Last Saturday, the CFTC appointed new members to the Global Markets Advisory Committee and its subcommittees, including several leaders from the cryptocurrency industry in the Digital Asset Markets Subcommittee.
At the same time, the White House's cryptocurrency policy report released in July suggested that the regulation of digital assets should be jointly undertaken by the CFTC and the Securities and Exchange Commission (SEC), with the CFTC responsible for regulating the spot cryptocurrency market.
Related: Metaplanet purchases $633 million in Bitcoin (BTC), becoming the fifth largest holder globally.
Original article: “OKX Develops Perpetual Contract DEX, But Delays Launch Due to Regulatory Concerns”
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