Looking at the OI change rates of the Perp DEXs shared by Mr. Pagoo, we can once again feel how drastic the recent market conditions have been. The drop that occurred two days ago was personally one of the largest declines I've experienced in the coin market, and as a result, a significant amount of OI also disappeared. Despite such extreme stress testing, seeing Hyperliquid operate without any major issues shows how much it has technically advanced, and it seems that the platform Hyperliquid is gradually getting closer to the future of internet money. Initially, Hyperliquid also experienced liquidations due to additional drops from spreads during such a large decline, but I hope that @edgeX_exchange and @Lighter_xyz can develop into more robust platforms through these stress tests. Additionally, looking at DeFi Llama's recent 30D rev rankings, most of the top projects, excluding stablecoin issuers, are perp DEXs, token launching platforms, and swap platforms. DEX platforms are continuously evolving towards the ultimate form of internet money through relentless competition, and for those who are familiar with it, perp DEX aggregators like @vooi_io and @OrderlyNetwork are also striving to create new markets, so I think the growth of various platforms is good news from a user perspective. Since crypto is not over, I hope even better opportunities will come.
Key PerpDEX Metrics Change in One Day Volume Overall increase due to heightened volatility Pacifica down -53%. Likely influenced by its relatively long remaining period until TGE OI $11.5B in one day, average decline of -42% TVL Total $1.2B decline in a single day Most top PerpDEXs declined, but GRVT, Pacifica, etc. actually increased GRVT due to 10% Fixed Yield; Pacifica difficult to speculate Market Shift While ‘major’ players include Drift, Jupiter, Ostium, Paradex, GMX, and dYdX, we focused on key PerpDEXs relevant to ‘DeFi Farmers’. Lighter faced potential issues with its website outage, but announcements of compensation and the sentiment that it's ‘better than CEX’ seem to be calming the situation. Since OI has decreased, Vol is likely to gradually decline as well, so we should monitor it for a few more days. Data Sources - @perpetualpulse, DeFiLlama
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