Altcoin Season and Trading Trends
The ongoing debate about whether the altcoin season has officially kickstarted continues, but one trend is certain: the surge in contract trading activity, particularly on on-chain perpetual (Perp) platforms. As Bitcoin continues to reach new peaks amid waves of market volatility, platforms like Hyperliquid have emerged under the spotlight, witnessing substantial increases in trading volumes as enthusiasm among traders grows.
Emerging Players in the Market
This burgeoning interest has paved the way for new players to join the market, with several projects amassing billions in liquidity. To help readers navigate this dynamic landscape, we’ve compiled insights on the six most prominent on-chain Perp platforms currently making waves.
Ethereal
One notable mention is Ethereal, spotlighted last December by Azuma, a senior writer at Odaily Planet Daily. Initially focused on launching its mainnet in the first quarter of this year, Ethereal has introduced innovative initiatives like the Season Zero deposit campaign aimed at incentivizing user participation. This initiative offered the chance to earn Ethereal and Ethena points while preparing users for testnet access—evidence of the project’s popularity is underscored by the fact that it amassed over $1.2 billion in USDe deposits by the end of May, attracting around 25,000 unique users. Yet, with high engagement comes fierce competition within the community.
Ethereal isn’t alone in this space. The platform, which was initially rooted in the Solana ecosystem and has since broadened its reach to include BNB Chain, was co-founded by industry veterans from Binance and Goldman Sachs. Their reward programs allow users to mint DUSD through USDC/USDT pre-deposits and earn points by engaging with the platform.
StandX
In another development, StandX has gained traction among users, surpassing 10,000 participants. Its primary appeal lies in allowing users the flexibility to withdraw without locking funds, a key feature that distinguishes it in the decentralized exchange landscape.
Aster
Aster, previously known as Astherus and attracting investor interest from Yzi Labs, has positioned itself as another major player. It supports both the BNB Chain and Arbitrum ecosystems, facilitating USD1 deposits and providing contract trading avenues that are attracting significant interest. Aster’s recent initiatives, including its Reward Hub event, are designed to enhance user engagement while rewarding transactions.
Levana Protocol
Moreover, Levana Protocol offers decentralized contracts across a wide array of over 40 markets, including commodities and foreign exchange, with support for up to 50x leverage. As of May, the platform claims to have processed transaction volumes exceeding $4 billion while enabling governance participation through its token system.
DeriW and Ostium
Adding to the mix, CoinW recently launched DeriW—a zero-gas fee decentralized exchange aimed at offering a high-speed trading experience resembling that of centralized exchanges. With upcoming trading events encouraging user interaction and testing, DeriW is cementing its place in this growing market sector.
Finally, Ostium, which operates on the Arbitrum ecosystem, stands out through its approach of providing exposure to traditional financial assets without holding them directly. The platform’s unique shared liquidity model aims to ensure trading efficiency while appealing to both crypto enthusiasts and traditional investors.
Conclusion
As the cryptocurrency landscape continues to evolve, the demand for Perp exchanges reflects a broader trend of decentralized trading solutions maturing into reliable platforms. The ascent of these six initiatives—each bringing innovation, user engagement strategies, and distinct functionalities—highlights the competitive nature of the crypto market, where traders must remain discerning and adaptable to navigate risks while seeking opportunities in this vibrant ecosystem.
