The "money-spraying" continues; a summary of recent activities on top Prep DEXs.

Odaily资深作者

2025-11-13 06:56

This article is about 2597 words, reading the full article takes about 4 minutes

Even if you're not a "freebie hunter," contract traders should definitely check out Prep DEX to trade and collect airdrops at the same time.

Original article | Odaily Planet Daily ( @OdailyChina )

Author | Asher ( @Asher_0210 )

In recent months, decentralized exchanges (DEXs) have continued to gain market share from centralized exchanges (CEXs), especially in perpetual contract trading, where the competitive gap between the two has narrowed to an unprecedented level.

According to statistics, Perp DEX trading volume surged to a record $1.2 trillion in October, nearly doubling from the previous month. Furthermore, DefiLlama data shows that Perp DEX's 24-hour trading volume exceeded $45 billion, almost matching that of mainstream centralized platforms. In terms of market structure, Binance ($74.8 billion in 24-hour trading volume) still holds the top spot, but Perp DEX's total trading volume has surpassed OKX ($33.2 billion), Bybit ($26.6 billion), and Bitget ($11.4 billion).

Specifically, among the leading Perp DEXs, Lighter's 24-hour trading volume exceeded $11.2 billion, ranking first among Perp DEXs, followed by Hyperliquid ($9.1 billion), Aster ($7.5 billion), and edgeX ($6.2 billion).

Top Perp DEX 24-hour trading volume

The key to the sustained high trading volume of leading Perp DEXs lies in their continuous "money-giving" activities. Odaily Planet Daily has compiled a list of three recent activities on leading Perp DEX platforms that are worth paying close attention to and participating in (the Hyperliquid S3 airdrop is currently only speculation and lacks official evidence, so it will not be discussed at this time).

Lighter: Raises another $68 million; second season campaign still underway.

Following Lighter's announcement the day before yesterday of completing a $68 million funding round, coupled with the ongoing second-quarter incentive program ahead of its TGE, the platform has quickly become the most attractive trading target in the eyes of "bargain hunters".

With the influx of users and a surge in trading volume, Lighter's 24-hour trading volume has jumped to the top among all Perp DEXs ( for more details, see: Christmas or TGE, will Lighter be the next Aster? ). In addition to the previously speculated TGE time and basic user tutorial, the details of the second quarter points system are still worth paying attention to.

Regarding the points for the second quarter, the official distribution will be every Friday. Market makers will be allocated 50,000 points per week (only advanced accounts are eligible to earn points through market making), while ordinary trading users will be allocated 200,000 points per week. Factors affecting points include: trading volume, open interest, account funds, leverage ratio, profit and loss, and trading category, but the specific weights have not yet been announced and are considered "blind boxes".

It's worth noting that the relationship between points and trading metrics is not a simple linear one. For example, 2 times the trading volume may generate 1.5 times or 3 times the points; this non-linear design aims to encourage more diversified trading behavior. Furthermore, the platform employs a hybrid fully and semi-automatic Sybil detection system, allowing each user a maximum of 10 accounts without penalty; exceeding this limit will result in penalties.

Aster: Monthly airdrops + regular buybacks and burns, "splashing money" while stabilizing the coin price.

As an important carrier of Binance's DeFi narrative ( see Aster project introduction: 1,650% increase at the start, is Aster taking over the narrative torch from Hyperliquid? ), Aster is currently the most stable Perp DEX project for "airdrop farming".

Although Aster has completed its TGE (Transfer of Events), its airdrop event continues on a monthly cycle with short interaction periods and clearly defined rewards. Currently, the third phase, Aster Dawn, officially ended at 7:59 AM Beijing time on November 10th, and the event has now entered the fourth phase, Aster Harvest, which will continue until 7:59 AM Beijing time on December 22nd, 2025.

In Phase 4, the Aster team announced that it will allocate 1.5% of the total supply of ASTER tokens, released evenly over six epochs, with 0.25% allocated in each epoch. According to the documentation , the following points are noteworthy:

Starting from the third phase, spot trading on the Aster platform will also earn activity points;
The points calculation formula is as follows (the specific weight of each part has not been disclosed): Final points = (trading points + holding points + Aster asset points + profit and loss points) × team bonus + referral points.
Trading Points: Both contract and spot trading are included, updated hourly; Position Points: The larger the position and the longer the holding period, the more points are earned, updated daily; Aster Asset Points: Using Aster assets (e.g., ASTER/asBNB/USDF) as margin earns points for this category, updated daily; Profit and Loss Points: Net profit and loss (excluding funding fees and other expenses) earn points for this category, updated hourly.

In addition to the monthly "money-giving" events, to boost the token economy, the team announced that 50% of all its buyback funds (including S2 and S3) will be burned through a public buyback address ( address link: https://bscscan.com/address/0xe307f534eec7256331c347ad73e7a08446f1d7a7 ) to reduce supply and solidify ASTER's long-term value. The remaining 50% will flow back to the locked airdrop address, thereby reducing circulating supply and reserving more for future airdrops to reward genuine Aster users and long-term holders.

edgeX: The current season will end in 3 weeks.

On October 28, edgeX launched a token name vote on the X platform and mentioned that the project mascot is MARU, which may be a hint that TGE is coming soon.

edgeX may be hinting at an upcoming TGE.

Similar to Lighter, edgeX points are a multi-dimensional system that is "settled weekly (currently in week 24) and split according to contribution," and is used to reward real transactions and ecosystem participation.

The current Open Season weighting is 60% trading volume, 20% for invitations/ambassadors/events, 10% for vault and TVL, 5% for clearing, and 5% for open interest (OI). Settlement occurs every Wednesday at 8:00 AM Beijing time, and rewards are distributed the following week at 4:00 PM. Scoring dimensions include trading volume, invited user trading volume, open interest, and feature usage frequency; weightings are adjustable. Five prize pools are set based on the total weekly trading volume across the network, commonly 150,000 or 200,000 points, but actual values may vary.

In addition, the referrer will receive 1 point for every 5 points accumulated by the users they refer.

summary

In the current absence of other popular new trading platforms, these leading Perp DEXs are undoubtedly the most noteworthy. For "profit hunters," they can maximize trading volume while controlling wear and tear; while for ordinary contract traders, the current liquidity of mainstream on-chain trading pairs (such as BTC and ETH) is sufficient to support large transactions and high-frequency operations. They can also receive a token airdrop while trading normally, making on-chain trading worthwhile.