The crypto market has entered a Bear Market, let's see what the mainstream Perp DEXs have been up to lately?

Although the crypto market has entered a bear market, the derivatives track Perp DEX is not decreasing. Two top untasked platforms are about to launch a TGE in December, edgeX launches Seal meme coin, Lighter raises $68 million, Hyperliquid fees plummeted by 90%, and major platforms are moving frequently. Perp DEX's “invisible hand”: How does centralized capital manipulate decentralized markets? (Background added: Hyperliquid, Aster fake boom? Four major risk analysis Perp DEX future worries) While the entire crypto market looks like it's back to a “bear market” again, everyone's enthusiasm for the new track hasn't waned much. Especially on the Perp DEX side of the derivatives track, many traders and community users focus more on the high-frequency, structured, and integral perpetual market, which is why the unissued Perp DEX can still run amazing data in a downturn environment. And this momentum will usher in a concentrated explosion in December: the two top unissued Perp DEXs are about to TGE. Can they repeat the craze of Aster when it launched, or even replicate that wave of phenomenal markets? Many users, including Xiaobian, are looking forward to it. Rhythm BlockBeats has taken stock of the top and most talked about Perp DEXs in the current trading volume, and summarized their key events and dynamics in the past two or three weeks to help everyone deepen their understanding of the PerpDEX track. edgeX: Seal meme is coming 1, community Memecoin Seal $MARU the most out of the circle of edgeX, that must be the launch of the community memecoin $MARU . This token, based on the edgeX seal mascot, attracted a lot of attention as soon as it was announced. The total supply is 10 billion, and the expected launch time is after the end of Open Season, that is, after December 3. 70% of the overall distribution is directly given to airdrops and ecological incentives, 20% is used for liquidity pools (unlocked when launched, convenient for trading), and the remaining 10% is reserved for core contributors (fully locked, long-term incentives). How do I get $MARU? There are two main channels: One is Open Season Credit, which is also the main channel. These points will be converted to $MARU airdrop after December 3. It should be noted that the platform has a minimum trading volume requirement, and the brushing behavior will be identified and eliminated. The weights for earning points are as follows: Trading perpetual contracts: 60% weight, which is the majority of points; Referral reward: 20% weight; TVL/Liquidity Provision: Weight 10%; Open position/liquidation: weight 10%; The second is creator activities, which can be simply understood here as Kaito's form of sending content to earn rewards, and there are many forms of tweets: making tweets, videos, memes and other content and @edgeX \ _exchange, and the original high-quality content after official screening, (AI generated does not count; Support English, Chinese, Korean, Japanese multi-language), you will have a chance to share the prize pool of 500,000 USDT + 20 million MARU. At present, some users have seen temporary rewards (such as 21,370 MARU + 464 USDT) on the dashboard, USDT can be claimed first, MARU and other official launch after distribution. 2, edgeX Messenger upgrade Somewhat related to the previous article is the edgeX Messenger upgrade. The plan, announced on November 13, will upgrade edgeX Messenger from a pure communication tool to a global DeFi collaboration center. Core direction: to provide a collaborative platform for traders and influencers; Deep integration with $MARU incentives. To put it bluntly, I want to create a trinity of trader community + content creation + incentive mechanism. 3, edgeXFlow ecology set sail On November 19, edgeX released another big move: launched the edgeXFlow ecosystem. Simply put, edgeXFlow is a new modular execution layer that runs in parallel with the existing StarkEx. Technical specifications: execution delay: <10ms; Order processing capacity: 200,000 transactions per second; ZK proofs, guarantees, transparency, and more. The first partner, Ave.ai, jointly launched the XPIN trading event (November 19-26). The design of this event is quite interesting - not just the traditional PnL competition, but a hybrid incentive model: airdrop rewards by trading volume; 200 places in the leaderboard (expand the winning area); 1.1x edgeX points bonus. edgeX is ambitious, aiming to connect 30 ecosystem partners by Q2 2026. It seems that the intention is to knock out this infrastructure and make it an industry standard for modular execution layers. 4. Countdown to points Open Season has entered the countdown stage! It's already week 20-24 and it's expected to end in 2-4 weeks. In recent weeks, 300,000 points have been issued every week, covering 1.3-14,000 addresses According to the calculation of community big V, according to the estimation of edgeX revenue of about 16% of Hyperliquid, if FDV reaches about $2-7 billion at TGE, the value of a single credit may be in the range of $30-300. Of course, this is only an estimate, and the actual situation depends on the market situation. At present, the probability of FDV of edgeX on Polymarket on the first day of launch is as follows: 5. Strategic cooperation with Polymarket This is also quite heavy news, yesterday edgeX announced a strategic cooperation with Polymarket: Polymarket's prediction scenario will be seamlessly integrated into the edgeX mobile app; Users can participate in event prediction with one click; The two companies will jointly develop innovative leverage forecasting products. Because it was announced yesterday, there are no more details, but we can pay attention to the future dynamics, and it is expected that the products that may be co-incubated and developed in the future will be one of the key projects in the edgeXFlow ecosystem. Lighter: Raised 68 million, valued at 1.5 billion1, heavy financing On November 11, Lighter announced the completion of a $68 million financing, becoming a DeFi unicorn. The lineup of this round of financing is quite luxurious: Financing Details: Amount: $68 million (equity + token subscription rights) Valuation: $1.5 billion (post-valuation) Lead investors: Founders Fund (Peter Thiel), Ribbit Capital Investors: Haun Ventures, Robinhood (rare brokerage VC participation) Cumulative financing: approximately $90 million (previously $21 million in 2024, led by Haun/ Craft led the investment) This…