Why Every Blockchain Suddenly Wants Its Own Perp Dex

Blockchains are increasingly competing to host perpetual decentralized exchanges (perp DEXs) because derivatives constitute the majority of crypto trading volume, and hosting these platforms attracts liquidity, hedging, and arbitrage flows, thereby strengthening the ecosystem.

BNB Chain, for instance, points to the success of Aster as crucial for maintaining its market share, while Aptos is actively incubating its own perp DEX, Decibel, recognizing that L1 teams are best positioned to build chain-specific applications.

However, experts caution that launching a perp DEX does not guarantee sustained liquidity, as trading venues historically consolidate around dominant platforms offering deep order books and efficient risk management, similar to trends seen in traditional finance. While onchain platforms offer verifiable order matching, centralized exchanges still hold advantages in speed and infrastructure. The long-term success for any ecosystem will depend on whether its perp DEX offers unique features, otherwise, liquidity may spread too thinly, leading to market fragmentation and wider spreads.

(Source：Cointelegraph)