This article explores the changing competitive landscape in the decentralized derivatives market following the upgrade of GMX v2.
As the cryptocurrency market matures, decentralized derivatives exchanges like GMXv2, Vertex Protocol, Hyperliquid, and Apex Protocol are gradually gaining prominence. These platforms are not only challenging GMX’s leadership position but also heralding a significant transformation in the decentralized finance sector. This article explores the changing competitive landscape in the decentralized derivatives market following the upgrade of GMX v2 and forecasts the major trends as we advance.
But when compared with Vertex Protocol, which was launched around the same time, Hyperliquid’s TVL only falls slightly behind, with the exception of September when it exceeded that of Vertex. We believe its lower TVL is primarily due to the limitations of its staking and deposit features. The project primarily locks funds through Vaults, where people deposit capital to Vaults for profit sharing.
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