HTX Research: 2025 Perpetual DEX Explosion, Sun Wukong Leads New Forces

Recently, the exclusive research department HTX Research of the cryptocurrency trading platform HTX released the latest research report titled “From AMM to CLOB: The Explosive Growth, Competitive Reshuffling, and Upward Curve of Sun Wukong in the 2025 Perpetual DEX Landscape,” which deeply analyzes the explosive growth and technological evolution of the perpetual decentralized exchanges (Perp DEX) sector in 2025, with a focus on the unique breakthroughs and growth potential of the first native perpetual DEX platform in the TRON ecosystem, “Sun Wukong” (SunPerp), in the current landscape.

The report points out that with the maturity of CLOB architecture and ZK technology, perpetual DEX will welcome a wave of comprehensive growth in 2025, with trading volume, user numbers, and TVL all reaching new highs, and market share has exceeded a quarter of the global perpetual futures market. In the technological evolution led by top platforms such as 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 Perpetual DEX Breaker in the TRON Ecosystem

Sun Wukong is the first native perpetual DEX in the TRON ecosystem, and also the world's first decentralized perpetual trading platform to launch a Chinese brand. Its design fully utilizes the huge circulation of approximately 80 billion USDT on the TRON chain and the advantages of high-frequency transfers, creating differentiated advantages of “zero gas + millisecond-level matching + automatic reduction of positions (ADL).” In terms of user benefits, Sun Wukong focuses on the lowest trading fees in the entire network and high annualized interest on deposited coins. Users can automatically receive an annualized return of 12% simply by depositing USDT assets, with no need for lock-up.

Since the public beta launched on September 9, 2025, Sun Wukong has rapidly accumulated users and trading volume based on a purely product-driven rise logic, even without the launch of large-scale incentive measures such as a points system: As of mid-October, the platform has achieved a trading volume of 1.8 billion USD, with registered users exceeding 20,000, a TVL of 50 million USD, and user retention and net capital inflow continuing to grow positively.

High-performance architecture with institutional-level experience

Sun Wukong adopts 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, post-only, trailing stop, TWAP, etc.) to meet the needs of professional traders and high-frequency strategies.

In terms of risk management, the platform has implemented a highly transparent Automatic Deductions (ADL) system, which dynamically hedges in extreme market conditions to avoid systemic liquidation risk. Coupled with an independent insurance pool, it effectively protects user asset safety.

Ecological Synergy Advantage

Sun Wukong deeply integrates the TRON ecosystem, natively supports USDT-based contract trading and TRON wallets (such as TronLink), uses Stake 2.0 to enhance energy/bandwidth efficiency, transforming TRON into a derivatives infrastructure.

The multi-chain expansion plan of Sun Wukong is also underway. Currently, in addition to TRON, it supports Ethereum, BNB Chain, and Arbitrum, and will expand to networks such as Polygon, Aptos, and Sui, further breaking the liquidity isolation between chains. At the same time, incentive mechanisms such as points, airdrops, referrals, and copy trading will be launched, and the MetaMask wallet will be integrated to enhance user coverage.

Track Landscape: Technological Arms Race and Model Innovation in Parallel

HTX Research pointed out that the total trading volume of the perpetual DEX market has exceeded $1.8 trillion in 2025, with fierce competition among platforms: Hyperliquid occupies a technological high ground with its self-developed L1 and full-chain order books, Aster achieves explosive expansion through integration with the Binance ecosystem; meanwhile, new platforms such as Lighter and Sun Wukong are exploring new blue oceans with ZK, zero fees, and ecological integration.

At the current stage, the focus of the track is gradually shifting from “functional battles” to “efficiency battles.” Sun Wukong demonstrates strong adaptability among Asian stablecoin users and high-frequency traders. Combined with its ultra-low customer acquisition costs and capital reuse pathways, it has the potential to break out from niche markets and evolve towards platformization.

Conclusion: Sun Wukong will become the core target in the “TRON × Derivatives” track

HTX Research believes that Sun Wukong, with its ultra-low fee trading, TRON native liquidity, and CEX-level smooth trading experience, 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 'TRON native 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 full launch of the points incentive.

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 cryptocurrency, blockchain technology, and emerging market trends, as well as writing comprehensive reports and providing professional assessments. HTX Research is dedicated 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 methodologies and cutting-edge data analysis, HTX Research consistently stands at the forefront of innovation, leading the development of industry thought and facilitating a deeper understanding of the ever-changing market dynamics.