How the evolution of perpetual DEXs drives market growth
Decentralized perpetual futures exchanges emerged in 2019 and have since undergone significant growth and evolution. They have proven to be one of the most successful and practical use cases for DeFi.
Perpetual DEXs first adopted CLOB-based designs, led by dYdX, which mirrored CEXs by combining offchain order books with onchain settlement. As the market evolved, a new generation of onchain models emerged, which used automated market maker (AMM) mechanics with oracle-priced pooled liquidity, such as GMX and Perpetuals Protocol.