On-Chain Perpetuals Heat Up! Binance's CZ Declares the Era of Perp DEX is Here

TradingKey – Projects like Hyperliquid and Aster gain market traction and public praise from CZ.

Wednesday, September 24 – Changpeng "CZ" Zhao, Founder of Binance, claimed that the era of Perpetual Decentralized Exchanges (Perp DEX) has arrived. In a public post on the social media platform X, he stated, "Now everyone wants to build a Perp DEX. More participants will help the market scale up faster—a rising tide lifts all boats."

Over the past five days, the perpetual DEX Aster has seen its market share surge past Hyperliquid's. Its native token, ASTER, has dramatically outperformed HYPE, rallying over 2,500% during the same period.

In related developments, the synthetic asset protocol Synthetix announced the launch of its first perpetual DEX yesterday, driving its SNX token up over 7% for the day.

Earlier today, dYdX also announced plans to reveal major news soon, though specifics were not disclosed; it is widely anticipated to be related to its perpetual DEX offerings. However, analysts caution that without substantial new capital flowing into the sector, this segment could face intense internal competition. Newer projects may encounter significant challenges, potentially leading to outcomes that fall short of expectations or even failure.