Perp DEXs: edgeX $MARU, Lighter $68M, Hyperliquid & Aster
Major Perp DEXs unveiled key updates this month. edgeX launched its $MARU meme token with 70% allocated to airdrops and ecosystem incentives, upgraded Messenger into a DeFi collaboration hub with content rewards, and introduced edgeXFlow, a parallel StarkEx execution layer partnering with Polymarket and aiming for 30 integrations by 2026. Lighter closed a $68 million Series A round at a $1.5 billion valuation led by Founders Fund and Ribbit Capital, reported over $100 billion daily volume, $11.5 billion TVL, and integrated Chainlink oracles to expand into RWA derivatives markets. Meanwhile, Hyperliquid’s HIP-3 Growth Mode slashed taker fees by over 90% for new markets but saw high-profile liquidations and a $25.5 million POPCAT manipulation attack. Aster kicked off its fourth “Harvest” airdrop—120 million ASTER over six weeks—launched a $10 million perpetual trading contest, added Machi Mode to reward liquidated traders, and repurchased $214 million worth of tokens. Pacifica rolled out a TIF=TOB order type to improve market making, and Variational expanded to over 515 tokens with internal liquidity and more than $2 million in loss reimbursements. These developments signal robust activity and bullish potential for the Perp DEX derivatives ecosystem.
Bullish
These aggregated advancements—edgeX’s $MARU launch and airdrop, Lighter’s significant Series A funding, Hyperliquid’s fee reduction, and Aster’s incentive programs—should catalyze user adoption, liquidity growth and trading volume across perpetual DEXs. In the short term, token airdrops and fee cuts may boost trading activity and market depth, while successful capital raises and protocol partnerships underpin long-term development and stability. Therefore, the outlook is bullish for the involved tokens and the broader Perp DEX market.