Last week, Aster strongly attracted the attention of the crypto market, successfully sucking blood from Hyperliquid, achieving a phased victory, and driving a significant increase in the overall Perp DEX (decentralized contract exchange) track.

Avantis, Lighter, edgeX... and other new-generation decentralized contract exchanges have also become the focus of research for investors and traders. Which one has the largest airdrop expectations, which one has the best product experience, and which platform coin has the strongest wealth effect are all hotly discussed.

Even Jia Yueting commented on Aster , saying that "the success or failure of DEX no longer depends on the 'decentralization' narrative, but on whether it can provide a user experience close to that of CEX and be supported by a truly community-driven incentive mechanism."

Outside the spotlight, CEXs are also quietly making their presence felt. For example, the CoinW team, with eight years of experience in the exchange industry, developed DeriW, retaining its commitment to a rigorous product experience while balancing a user experience comparable to centralized services with the transparency and reliability of decentralization.

Is it competitive anxiety or proactive planning? What are the advantages of a CEX operating as a Perp DEX? Specifically, what differentiates DeriW from its already successful competitors? Is it a potential value opportunity waiting to be tapped?

This article will answer the above questions one by one.

Recent hot track - Perp DEX

In 2025, sector rotation and theme replacement were largely driven by capital operations, with previously established sectors and sub-sectors rarely showing signs of recovery. However, in September, Perp DEX became the absolute focus of the market. Aster, Avantis, and other Perp DEXs, one after another, demonstrated the users' and investors' enthusiasm for this sector with their dramatic and direct growth.

Looking back at the industry's development over the past few years, the migration of finance from on-chain to off-chain has long been an irreversible trend . On the one hand, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins explicitly stated in a speech at the end of July that "we will move the U.S. securities market to the blockchain," foreshadowing that on-chain markets will become the main battlefield of future finance, and decentralized exchanges (DEXs) will become the core hub for the circulation of financial assets. On the other hand, DEXs have been steadily eroding the market share of centralized exchanges (CEXs) over the past few years, whether in spot or derivatives trading. The trend of users migrating from CEXs to DEXs has already taken shape.

However, while DEXs, with their long-term promise of eliminating intermediaries, enabling independent asset control, and transparent trading mechanisms, offer the potential to completely eliminate many of the limitations of CEXs, they still face numerous challenges and limitations in the short term. Issues such as high transaction fees, complex operational processes, and a high learning curve make it difficult for users (especially newcomers entering the market as cryptocurrency becomes increasingly popular) to get started, hindering their ability to experience the benefits of decentralized finance.

Against this backdrop, a new generation of decentralized contract exchange, DeriW, came into being.

What’s so special about DeriW?

With its extreme transaction cost advantages, simple and easy-to-use interface and excellent security, DeriW is trying to break down the many barriers to entry of traditional DEX and build a "DEX available to everyone", allowing every user, whether beginners or professional investors, to participate in the wave of decentralized trading without obstacles.

DeriW is positioned as a next-generation decentralized perpetual contract exchange. The platform is expected to support hundreds of different types of trading assets and allow up to 100x leverage to meet the needs of users with different risk appetites. Compared to the prevalent order book-based contract exchanges currently on the market, DeriW's greatest innovation lies in its unique "Pendulum AMM" mechanism. This mechanism restructures the liquidity formation logic and, by isolating each period of liquidity pools, effectively avoids the possibility of LP sniping incidents that occurred on Hyperliquid. Furthermore, this mechanism can achieve zero funding rate trading under certain conditions, significantly reducing users' cost concerns when using DEXs.

Judging from DeriW's product design, the platform's features precisely target the three major pain points that current users face when using traditional DEXs: cost concerns, operational barriers, and security concerns.

Regarding cost concerns, in addition to the zero funding rate, the platform charges an industry-low handling fee of only 0.01%, significantly lower than competitors like Hyperliquid (0.045%). Furthermore, because DeriW operates on its proprietary Layer 3, transactions require no gas fees. With this "zero funding rate + 0.01% handling fee + zero gas fee" mechanism, DeriW has established the most competitive cost structure on the entire network, potentially completely alleviating users' cost concerns. This will also enable small-volume, high-frequency strategies, allowing every investor, regardless of capital size, to trade freely and profitably within a fair cost environment.

In terms of operational barriers to entry, DeriW, inheriting the DNA of CoinW products, has invested heavily in UI/UX design. Its clear and concise trading interface makes it easy for even new users to quickly get started. Furthermore, DeriW's unique PendulumAMM mechanism enables "order-to-execute" transactions. Users no longer need to worry about order prices and market depth, as they do on order book exchanges like Hyperliquid (where taking orders at the current price often results in price deviations, and limit orders require waiting for matching with counterparties or market makers). Instead, they simply enter the amount, select the leverage, and click confirm, and the transaction is completed instantly. By optimizing the design at multiple levels, DeriW has greatly simplified the operational process and minimized the user experience barrier to entry.

Turning to security, CoinW, which has been operating stably for eight years, provides professional and solid security support for DeriW. In terms of fund management, DeriW adopts a completely non-custodial design, ensuring that users always control their own assets and that the platform cannot touch them. In addition, CertiK, a well-known security auditing agency in the industry, has also conducted a comprehensive audit of DeriW and will conduct regular security inspections in the future. These multi-layered, professional security measures will build a solid security barrier for DeriW, providing every user with a safe, transparent, and trustworthy trading environment.

A bridge connecting traditional finance and on-chain finance

Standing at the critical juncture of the world's migration from traditional finance (TradFi) to on-chain finance (DeFi), DeriW does not just want to be a passive participant, but is actively exploring and striving to serve as a bridge between the two worlds.

On the one hand, DeriW is cooperating with local compliant banks in Dubai to build a compliant and convenient on-chain entrance for traditional financial users, allowing funds and users from traditional fields to enter DeriW and the entire on-chain world through familiar channels and experience the revolutionary advantages of decentralized finance.

Furthermore, to capitalize on the "everything on blockchain" trend, DeriW is actively expanding the asset classes supported by the platform through its open architecture. With the tokenization of real-world assets (RWAs), such as stocks, bonds, and commodities, the tradable assets on DeriW will continue to expand. In this process, DeriW will gradually evolve from a trading venue focused solely on cryptocurrencies to a comprehensive trading platform covering a wide range of global asset classes.

In summary, "continuously lowering the entry threshold" and "continuously enriching trading functions" are the two main lines that DeriW has always adhered to at the product level, and are also the core methodology for DeriW to move towards the goal of "DEX available to everyone."

Looking back at the history of decentralized exchanges (DEXs), the first half of the story belongs to pioneers like Uniswap and Hyperliquid. These platforms have helped some users develop the habit of trading spot and futures contracts on-chain, bringing unprecedented attention to the sector. However, the competition in the second half will no longer be limited to the native crypto market, but will open up to the broader real-world financial world. In this process, platforms that can truly lower barriers to entry, enhance the user experience, and establish cross-border connections will be the ultimate winners.

For DeriW, the platform's initial vision was not to create a specialized trading venue serving only a select group, but rather to build a future trading platform that truly serves everyone. DeriW's mission is clear: to enable everyone in the world, regardless of location, wealth, or expertise, to equally and conveniently enjoy the benefits of decentralized finance.

DeriW has now embarked on this journey with the Supernova+ Points Program. Users' transactions and referrals will automatically accumulate points, which will serve as the core credentials for the DeriW token airdrop during the DeriW TGE. Using points and tokens as a medium, individual contributions will be effectively quantified. This process will not only allow users to transition from mere traders to platform sharers and ecosystem participants, but also allow them to capitalize on the anticipated wealth creation benefits of the Perp DEX market as it booms.

CoinW is not the only CEX that has become "envious" of Perp DEX and has entered the market. The genetic advantages of CEXs may be their trump card. From another perspective, the value captured by decentralized new business lines will greatly feed back to the platform tokens. Let us wait and see about the price expectations that small and medium-sized investors are most concerned about.