DeriW, a dark horse derivatives team with a daily trading volume exceeding $100 million, will be the next Hyperliquiquid?

DeriW, a new decentralized perpetual exchange (Perp DEX) incubated by CoinW, is rapidly gaining traction with its unique value propositions and impressive early metrics.

Core Advantages: DeriW differentiates itself through four key features:
- Zero-Fee & Low-Cost Trading: Utilizing a novel "Pendulum AMM" mechanism, it enables zero-fee trading under certain conditions and charges an industry-low 0.01% fee, significantly undercutting competitors like Hyperliquid.
- High Performance: Built on its own Layer 3 network, DeriW Chain, it boasts a capacity of up to 80,000 transactions per second, solving common issues of speed and latency in Perp DEXs.
- Transparency: All transactions are settled on-chain and are publicly verifiable through its block explorer, eliminating "black box" risks associated with centralized exchanges.
- Security: Backed by CoinW's eight years of experience, it features a non-custodial design and has undergone audits by security firm CertiK.
Early Success: Since its mainnet launch on August 4th, DeriW has attracted over 22,600 users and surpassed $100 million in total trading volume in less than a month, demonstrating strong market demand.
Incentive Program: The platform is running a "Supernova+" points campaign where users trade with zero fees, earn DER+ points for every 50 USDT traded, and can gain additional points through referrals. These points are expected to qualify users for a future token airdrop.
Market Context & Outlook: As the Perp DEX sector grows and the ratio of DEX-to-CEX derivatives volume reaches new highs, DeriW is positioning itself as a key player for the next phase of growth. Its strategy of "extreme fees" and high capital efficiency is seen as a powerful differentiator to capture market share as more real-world assets move on-chain.

Author: Lele

Decentralized derivatives exchanges (Perp DEX) have become one of the hottest tracks in the current market.

On the one hand, Perp DEX has been eroding the market share of centralized derivatives exchanges (Perp DEX) in the past few years. Data from The Block shows that the ratio of contract trading volume on DEX to contract trading volume on CEX has maintained an upward trend in the past few years, and in August just past, it reached a historical peak of 8.8%.

On the other hand, the explosive popularity of Hyperliquid has directly pushed the valuation ceiling for similar projects. With the influx of more capital and talent, the entire Perp DEX market has entered a period of accelerated development. Following Hyperliquid, emerging derivatives companies such as Ethereal, EdgeX, and Lighter are emerging with more innovative mechanisms or more focused products, poised to usher in a second wave of growth in the market. DeriW, newly incubated by CoinW, has quickly emerged thanks to its extreme capital efficiency, poised to become a key player in the next round of Perp DEX competition.

DeriW: The first zero-fee Perp DEX on the entire network

DeriW is positioned as a next-generation "zero-fee" Perp DEX. The platform is expected to support hundreds of different trading assets and allow up to 100x leverage to meet the needs of users with different risk profiles. Developed by the CoinW team, which has eight years of experience in the perpetual swap market, DeriW maintains a user experience comparable to centralized services while achieving decentralized transparency and reliability. Overall, DeriW's core advantages are reflected in the following four aspects.

One of DeriW's core advantages is its exceptional fee cost advantage . DeriW utilizes a unique "Pendulum AMM" mechanism, enabling zero-fee trading under certain conditions. Furthermore, DeriW transactions are completely gas-free. As for transaction fees, DeriW charges an industry-low 0.01% , significantly lower than competitors like Hyperliquid (0.045%).

Odaily Note: PendulumAMM is a novel pool trading mechanism developed by DeriW. Unlike traditional order book matching mechanisms that rely on matching buy and sell orders, PendulumAMM accepts all user-submitted trading requests in real time, achieving "instant execution" upon order placement. Furthermore, thanks to PendulumAMM's higher capital efficiency, liquidity providers can also earn significant annualized returns.

The second advantage is performance . DeriW runs on the Layer 3 network DeriW Chain, inheriting the security of Ethereum while seamlessly integrating with Layer 2 infrastructure (Arbitrum). This multi-layer Rollup architecture breaks the performance limitations of traditional architectures, supporting up to 80,000 transactions per second , addressing the pain points of traditional Perp DEXs such as slowness, lag, and high-voltage paralysis. Furthermore, DeriW provides convenient API access to meet the needs of high-frequency traders.

The third advantage is transparency . DeriW adopts a completely decentralized development architecture. All transaction processes are completed on-chain and can be clearly queried through the DeriW block explorer ( https://explorer.deriw.com/ ), thus avoiding the potential "black box" possibility of traditional Perp CEX.

Fourthly, security is a key advantage . CoinW's endorsement is self-evident, and DeriW's non-custodial design ensures users have full control over the security of their assets. The platform has completed contract design with third-party security firm CertiK and will continue to conduct regular audits to ensure the long-term security of the system.

Data results: Dark horse status has emerged

Based on these advantages, DeriW provides an excellent experience for both liquidity providers and traders. On the one hand, the Pendulum AMM model balances market demand while ensuring efficient capital utilization, thereby maximizing returns for participants. As shown in the figure below, DeriW liquidity providers have generally recorded positive annualized returns over the past few cycles, with the highest APR reaching 351.62%. On the other hand, traders can also enjoy lower fees and smoother transaction speeds on DeriW, while also choosing higher leverage ratios, allowing them to execute more efficient and flexible trading strategies.

Since the mainnet was launched on August 4, DeriW has attracted 22,647 trading users in less than a month, and the total historical trading volume has quickly exceeded the US$100 million mark.

Early Bird Opportunity: Earn Money and Get Airdrops

Shortly after the mainnet launch, DeriW also launched the Supernova+ points incentive campaign for early bird users on August 6. During the campaign, users can trade on DeriW at zero fees and earn points, thereby obtaining potential airdrop benefits in addition to trading profits.

Specifically, for every 50 USDT traded during the promotion, users will receive 5 DER+ points. DER+ points will be the core certificate for future DeriW token airdrops during the TGE. The number of points you earn will directly determine your airdrop share; the more points you earn, the more airdrops you'll receive. In addition to direct transactions, users can also establish referral relationships with more users through referral links. After binding, the referrer will continue to receive referral points at 300% of the referral's trading points.

Currently, DeriW's Supernova+ event interface provides a real-time points ranking, allowing users to view their points data in real time. Considering DeriW's development prospects and the current points scale, and given that the project is still in its early stages, the competition for DeriW points has not yet intensified. Therefore, we can be relatively optimistic about the airdrop returns corresponding to DER+ points.

It should be noted that contract trading itself carries certain risks, so it is not recommended that users "purely brush" their trading volume for the sake of points. A more reasonable strategy is to execute transactions on DeriW based on market changes and your own judgment. In the long run, in addition to trading profits and the subsequent airdrop expectations, DeriW's fee advantage over other competitors will gradually emerge, helping users achieve "cost reduction and revenue increase" over a longer period of time.

The Perp DEX competition enters the second half. What are the prospects for DeriW?

Looking at the development history of the Perp DEX track, Hyperliquid may be considered the winner in the first half. In an era where native crypto assets are the main trading objects, Hyperliquid has enabled a certain scale of users to form the habit of conducting contract transactions on the chain, while at the same time, to a certain extent, it has taken away some of the pricing power of native crypto assets from centralized giants.

With the advancement of trends like stock tokenization and stablecoin compliance, the era of "everything on the blockchain" is approaching. Looking ahead, on-chain transactions will no longer be limited to native crypto assets but will gradually expand to encompass a wide range of real-world assets, including stocks, bonds, and commodities. At the same time, decentralized trading systems that address performance and security challenges will offer a significant dimensionality reduction advantage over the complex centralized trading systems of the traditional financial world.

In this environment, more and more assets, funds, and users will flow onto the blockchain, ushering in the second half of the Perp DEX race, a new round of competition expected to far exceed the scale of the past few years. On the eve of this explosive growth, DeriW has chosen "extreme fees," a seemingly simple yet powerful strategy to differentiate itself. As the market continues to grow, this advantage will only become more pronounced, potentially becoming a key factor in the Perp DEX race.