Recently, the exclusive research department of the cryptocurrency trading platform Huobi HTX, HTX Research, released a report titled "From AMM to CLOB: The Explosive Growth, Competitive Reshuffle, and Growth Curve of Sun Wukong in the 2025 Perpetual DEX Landscape." The report delves into the explosive growth and technological evolution of the perpetual decentralized exchange (Perp DEX) sector in 2025, focusing on the unique breakthroughs and growth potential of the first native perpetual DEX platform in the TRON ecosystem, "Sun Wukong" (SunPerp), within the current landscape.
The report points out that with the maturity of CLOB architecture and ZK technology, perpetual DEXs are experiencing a comprehensive growth wave in 2025, with trading volume, user numbers, and TVL all reaching new highs, and market share surpassing a quarter of the global perpetual futures market. Amid the technological evolution led by top platforms like Hyperliquid and Aster, Sun Wukong has emerged as a new force, rapidly building its own growth curve based on the TRON ecosystem and innovative design.
Sun Wukong: The Breakthrough Perpetual DEX in the TRON Ecosystem
Sun Wukong is the first native perpetual DEX in the TRON ecosystem and the world's first decentralized perpetual trading platform to launch a Chinese brand. Its design fully leverages the enormous circulation of approximately 80 billion USDT on the TRON chain and the advantages of high-frequency transfers, creating a differentiated advantage of "zero gas + millisecond-level matching + automatic deleveraging (ADL)." In terms of user benefits, Sun Wukong offers the lowest trading fees in the network and high annualized interest on deposited assets, allowing users to automatically earn 12% annualized returns on USDT deposits without the need for locking.
Since its public beta launch on September 9, 2025, Sun Wukong has rapidly accumulated users and trading volume based on a purely product-driven growth logic, even without large-scale incentive measures like a points system: as of mid-October, the platform has achieved a trading volume of $1.8 billion, with registered users exceeding 20,000 and TVL reaching $50 million, while user retention and net capital inflow continue to grow positively.
High-Performance Architecture and Institutional-Level Experience
Sun Wukong employs a hybrid architecture of off-chain matching and on-chain settlement, combined with zero-knowledge proofs, to achieve secure and efficient data transmission and user privacy protection. Its matching engine supports sub-millisecond execution, with no slippage on large orders, and offers a variety of order types (market, limit, stop-limit, trailing stop, TWAP, etc.) to meet the needs of professional traders and high-frequency strategies.
In terms of risk management, the platform has introduced a highly transparent automatic deleveraging (ADL) system that dynamically hedges in extreme market conditions to avoid systemic liquidation risks, complemented by an independent insurance pool to effectively safeguard user assets.
Ecological Synergy Advantages
Sun Wukong deeply integrates with the TRON ecosystem, natively supporting USDT-based contract trading and TRON wallets (such as TronLink), using Stake 2.0 to enhance energy/bandwidth efficiency, transforming TRON into a derivatives infrastructure.
Sun Wukong's multi-chain expansion plan is also underway, currently supporting Ethereum, BNB Chain, and Arbitrum in addition to TRON, and will expand to networks like Polygon, Aptos, and Sui, further breaking down liquidity isolation between chains. Additionally, it will launch incentive mechanisms such as points, airdrops, referrals, and copy trading, and integrate with MetaMask to enhance user coverage.
Market Landscape: Parallel Development of Technological Arms Race and Model Innovation
HTX Research indicates that the total trading volume of the perpetual DEX market in 2025 has surpassed $1.8 trillion, with intense competition among platforms: Hyperliquid occupies a technological high ground with its self-developed L1 and full-chain order book, while Aster achieves explosive expansion through integration with the Binance ecosystem; new platforms like Lighter and Sun Wukong are exploring new blue oceans with ZK, zero fees, and ecological integration.
At this stage, the focus of the sector is gradually shifting from a "function war" to an "efficiency war." Sun Wukong demonstrates strong adaptability among Asian stablecoin users and high-frequency traders, and with its ultra-low customer acquisition costs and capital reuse pathways, it has the potential to break out from niche markets to platform evolution.
Conclusion: Sun Wukong Will Become a Core Target in the "TRON × Derivatives" Sector
HTX Research believes that with its ultra-low fee trading, native TRON liquidity, and CEX-level smooth trading experience, Sun Wukong is expected to achieve a dual leap in market share and revenue in the coming quarters, becoming one of the "most cost-effective and verifiable milestone 'native TRON derivatives' high-potential targets for 2025-2026." Its future development focus includes multi-chain expansion, the implementation of the $SUN token buyback mechanism, and the comprehensive launch of incentive programs.
About HTX Research
HTX Research is the exclusive research department under Huobi HTX, responsible for in-depth analysis across a wide range of areas including cryptocurrencies, blockchain technology, and emerging market trends, writing comprehensive reports, and providing professional assessments. HTX Research is committed to providing data-driven insights and strategic foresight, playing a key role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous research methods and cutting-edge data analysis, HTX Research consistently stands at the forefront of innovation, leading the development of industry thought and promoting a deeper understanding of the ever-changing market dynamics.
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