Title: Perp Dex Coins Outperforming the Market Amidst Crypto Correction
Introduction
Since the beginning of 2022, the crypto market has experienced a significant correction of over 60%. However, there are certain coins that have managed to deliver impressive performance during this bearish phase. In this article, we will explore the top-performing perpetual decentralized exchange (perp dex) coins and identify any strong trends.
1) $GMX – The DEX Leader
The first coin on our list is $GMX, the native token of GMX, one of the largest decentralized perpetual futures exchanges in the market. GMX operates with a no-KYC policy, allowing users to seamlessly connect using a MetaMask Wallet on the Arbitrum and Avalanche networks. The platform offers spot and perpetual exchanges at minimal fees while minimizing price fluctuations.
GMX has a versatile multi-asset pool that generates income for liquidity providers through market making, swapping, and leveraged trading. It utilizes Chainlink Oracles to provide dynamic pricing by aggregating data from prominent exchanges. The tokenomics of GMX reward holders with $GLP for liquidity provision, optimizing the trading experience for all users.
Despite the challenging bear market conditions, $GMX has shown remarkable resilience. Currently ranked 106th in market capitalization, the token reached an all-time high (ATH) of $91.07 and currently stands at $11.5, representing a 62% decrease. DefiLlama reports approximately $482.27 million locked in total value locked (TVL) for GMX.
2) $GNS – Synthetics Leader
Gains Network ($GNS) is an innovative decentralized derivatives trading platform built on the Polygon network. It allows users to engage in leveraged perpetual contracts with unparalleled options and affordability. The platform’s gTrade toolkit sets a new standard in leverage, offering up to 50x leverage for stocks, 150x for cryptocurrencies, and an impressive 1000x for forex trades.
gTrade operates with a synthetic asset system that works exclusively with DAI and GNS, enabling seamless trading of a diverse range of assets. Gains Network rewards liquidity providers with attractive yields derived from liquidations and trading fees. The platform’s transaction fees are lower than other exchanges, making it a preferred choice for cost-conscious traders.
During the previous bull market peak, $GNS reached a value of $1 and had an ATH of $12.48. Currently, the token stands at $3.3, reflecting a 70% decrease. DefiLlama reports approximately $34.82 million locked in TVL for Gains Network.
3) $LVL – Tranches
Level Finance ($LVL) stands out with its Omnichain Perpetual DEX, offering custom risk management and groundbreaking LP solutions. The platform provides direct market access to programmatic liquidity pools, enabling capital-efficient hedging and passive income generation from crypto holdings.
Level Finance’s architecture introduces the concept of “Tranches,” which categorize segments of securities based on risk to cater to specific investor groups. LPs can choose the Tranche to which they want to supply liquidity, effectively isolating long-tail risks for LPs with higher risk tolerance.
The LVL token plays a pivotal role in governance and utility functions within the Level Finance ecosystem. Holders enjoy rewards for staking and holding the token as well as a share of the platform’s revenue. Regular token burns are implemented to manage the token supply and potentially enhance its long-term value.
$LVL reached an ATH of $11 and currently stands at $0.82, reflecting a 92% decrease. DefiLlama reports approximately $15.74 million locked in TVL for Level Finance.
4) $HMX – Leveraged Market-Making
HMX is a next-generation decentralized perpetual protocol offering cross-margin trading and multi-asset collateral support on the Arbitrum network. Formerly known as Perp88 on the Polygon network, HMX rebranded with the launch of its V2 trading platform on Arbitrum.
HMX distinguishes itself by offering unique features such as leveraged trading with magnitudes of up to 1,000x across various asset classes. It also allows for flexible position and risk management strategies through multi-asset collateral support.
Conclusion
Despite the crypto market correction, these perp dex coins have managed to outperform the market and demonstrate resilience. Each coin offers unique features and benefits to users, making them worth considering for those looking to participate in the growth of decentralized exchanges.
Hot Take: Perp Dex Coins Defying Market Correction
The ongoing crypto market correction has created challenges for many investors. However, certain coins have proven their ability to deliver commendable performance despite these conditions. The top-performing perp dex coins mentioned in this article, including $GMX, $GNS, $LVL, and $HMX, offer unique features and advantages that contribute to their success. By investing in these coins, you can potentially benefit from their resilience and participate in the growth of decentralized exchanges. Consider exploring these coins further to make informed investment decisions in the ever-evolving crypto market.
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