On September 29, 2025, the decentralized finance sector witnessed significant progress. The StandX project, founded by core members of the former Binance futures team, achieved breakthrough accomplishments in the Perps DEX (decentralized perpetual contract exchange) space. Data shows that the project's total locked value (TVL) quadrupled within a week, officially surpassing $140 million, marking its important position in the decentralized derivatives trading field.

1. Senior Team Collaboration, Accurately Seizing Market Opportunities

The StandX project was co-founded by industry veterans. The project's CEO, AG, worked at the Chicago Mercantile Exchange for nearly a decade, possessing deep traditional financial derivatives trading experience. Co-founder Justin joined the Binance futures team in 2019, primarily responsible for business growth strategy, and has a profound understanding of the cryptocurrency derivatives market. Technical lead AC previously served as the head of liquidity engine development at Goldman Sachs and managed on-chain trading systems at Amber Group, with extensive expertise in financial system architecture design.

This core team of fewer than ten members brings together top talent from both traditional finance and the cryptocurrency sector. Leveraging six years of practical experience gained from building Binance futures from the ground up, the team accurately identified key development bottlenecks in the decentralized finance space: how to build a perpetual contract trading platform that combines high performance with a quality user experience while ensuring decentralization.

2. Innovative Concepts Drive Development, User Experience Takes Priority

In an exclusive interview, StandX co-founder Justin elaborated on the project's development philosophy. He pointed out that the successful practices of Binance futures provided the team with valuable experience, but as the industry evolves, decentralization has become an irreversible trend. The team believes that stablecoins and contract trading are the two most promising directions in the decentralized finance sector, and their professional backgrounds uniquely position them to excel in these areas.

Justin reflected on the industry's development history. At the inception of Binance futures in 2019, the industry widely adopted the reverse contract model derived from BitMEX. With the widespread use of stablecoins like USDT, the Binance team keenly grasped market changes and was the first to launch forward contract products. This innovative move not only simplified the user operation process, eliminating the cumbersome steps of preparing separate margins for different trading pairs but also significantly enhanced the market liquidity of smaller tokens, ultimately leading to a paradigm shift in the entire industry.

This successful experience profoundly influenced StandX's product development philosophy: always driven by innovation and centered on user needs. Justin stated that the current development trend in the decentralized perpetual contract exchange space shares many similarities with the industry environment faced by Binance futures back in the day, which presents an important opportunity for StandX to seek breakthroughs.

3. Independent R&D Builds Advantages, DUSD Mechanism is Unique

StandX's differentiated competitive advantage is primarily reflected in two aspects: a fully self-developed technology architecture and the innovative DUSD interest-bearing stablecoin mechanism.

In terms of product design, the project team adheres to an independent development approach, utilizing self-developed solutions from the user interface to the underlying trading engine. This full-stack self-research model allows for deep optimization of the user trading experience. For example, the platform interface features a layout design that prioritizes market information at the top and trading areas at the bottom, aligning better with user reading habits; it implements a click-to-fill function for order book prices, significantly enhancing trading operation efficiency; and it pays attention to detail in visual design, providing traders with a professional-grade trading environment. The DUSD interest-bearing stablecoin mechanism is the core innovation of the StandX platform. Users can exchange mainstream stablecoin assets like USDT for DUSD and directly use it as margin for perpetual contract trading. This design achieves a dual income effect: traders can earn profits through contract trading while also receiving interest income from holding DUSD.

In terms of pricing mechanism, all contracts on the platform are priced in DUSD, which can create price differences with traditional USDT-priced contracts during market volatility, providing professional traders with arbitrage opportunities. Regarding the source of DUSD's earnings, Justin explained that its mechanism mainly draws from mature models validated by the market, with earnings primarily coming from contract funding rates. In a bull market, due to long traders needing to pay higher funding rates, the annualized yield of DUSD could reach significant levels; while in a bear market, the yield will remain stable.

4. Clear Long-term Development Strategy, Steadily Advancing Ecological Construction

In the face of increasingly fierce market competition, StandX has established a clear development path. The project operates on a self-funded model, allowing it to focus more on long-term development goals and avoid the impacts of short-term market fluctuations. The team has clearly stated that token rewards will be primarily allocated to the platform's real users and ecological contributors, establishing a sustainable community governance model.

Currently, the StandX test network is about to open to the public. After months of concentrated development and testing, the team is committed to ensuring that the mainnet launch meets enterprise-level product standards. Justin emphasized that the rapid growth of total locked value is a recognition of the market for the project's philosophy and a result of spontaneous user participation, laying a solid foundation for the project's continued development.

Regarding the future development landscape of the industry, Justin holds an open attitude. He believes that the decentralized perpetual contract exchange space will exhibit a dynamic evolution, potentially leading to changes similar to those seen in the development process of centralized exchanges. Although some projects currently lead in market share, broader market penetration and user migration trends are just beginning. Data shows that Uniswap's market share in the spot trading sector is nearing 20% of centralized exchanges, which fully demonstrates that decentralized perpetual contract trading also possesses significant development space.

5. Pragmatically Advancing Decentralization, Building a Sustainable Development Ecosystem

In terms of the path to decentralization, StandX has adopted a pragmatic and cautious strategy. Justin admitted that existing technical solutions each have their pros and cons: fully decentralized solutions may impact trading efficiency, while overly centralized designs contradict the industry's original intention. Therefore, the project has chosen a gradual development path—first ensuring trading performance through a self-developed blockchain system, and then progressively advancing the node decentralization process as the ecosystem develops.

Looking ahead, StandX is committed to becoming a leading platform in the decentralized trading space. The team believes that this sector has market space to accommodate multiple high-quality projects, and continuous innovation and a user-centric philosophy will be key factors determining the project's success or failure. As the cryptocurrency market enters a new development stage, the trend of migration from centralized trading to decentralized trading has become increasingly evident, and StandX's innovative practices are expected to play an important role in this historic transformation.

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