But that means huge growth potential! It’s all about improving the user experience!
After dYdX and Hyperliquid, here comes the next leading perpetual DEX
Everyone is aware of the dangers of centralization, and many cases like FTX constantly remind us.
Yet, people continue to trade on centralized exchanges!
In ranking the largest perpetual DEXs (by volume), the top 27 are CEXs.
The leading CEX for perpetual trading (Binance) generates 45 times more volume than the top perpetual DEX (Hyperliquid).
95% of all trading volume takes place on CEXs!
The reason behind this? User experience! When it comes to trading, people overwhelmingly prioritize a smooth user experience.
The best perpetual DEXs are those building a complete blockchain, like @dYdX and @HyperliquidX.
dYdX held the top spot for a long time, but now Hyperliquid has taken over.
However, both have reached their limits. Here’s a new platform rapidly expanding
Polynomial is a high-frequency blockchain built using the OP Stack, focusing on improving on-chain derivatives trading.
Backed by Archetype, Genblock Capital, and prominent investors, Polynomial launched on Optimism in Q2 2023.
Within its first year, it processed $4.7B in trading volume and onboarded 24,000 traders.
Polynomial Chain’s Liquidity Layer powers its derivatives products, generates fees, and offers a 10-15% APY on deposits.
Polynomial Trade operates on this layer, distributing 60% of fees to depositors.
Depositing sUSDe also earns you 5x Ethena rewards.
Just like @GMX_IO, the liquidity layer acts as the counterparty for trades, allowing Polynomial to offer native cross-margined perpetual with up to 50x leverage.
If traders win, the liquidity layer covers the profits, which are taken proportionally to all depositors.
When you deposit on Polynomial Trade, you earn Polynomial Points based on the amount and time your deposit remains.
Staking Points = Score * Boost
• Score: 1 point for every $100 deposited per hour.
• Boost: Starts at 1x and increases by 0.5x monthly, capped at 2x.
You can invite friends to stake and earn 10% of the points from their direct deposits, plus 5% from the deposits made by their invitees.
Polynomial Trade offers native cross-margined perpetual contracts with up to 50x leverage.
It currently supports eight popular markets, including BTC, ETH, SOL, PEPE, WIF, OP, SUI, and AAVE, with new markets added based on community demand.
Polynomial’s abstraction layer simplifies the trading experience by allowing users to trade directly with USDC, without the need to bridge ETH for gas fees.
This makes transactions faster and more user-friendly.
Chain abstraction is essential for perpetual DEXs.
It enables seamless interactions with multiple blockchains, improving interoperability, lowering transaction fees (even to zero), and enhancing the user experience.
Polynomial distributes 1 million Trading Points daily, based on 24-hour trading volume and OI rebalancing.
After your first trade of the day, you’ll receive a Trading Card with points, locked for 24 hours.
Points must be claimed within 7 days, or they’ll be burned.
Since it's early, few people are farming these points (around 5,000).
As time passes, it will become harder to farm them.
Most people reach the top 1,000 with less than $100.
You can refer traders to Polynomial Trade and earn 20% of their Trading Points from every trade they make. Points must be claimed within 7 days, or they'll be burned, just like regular point claims.
