Hot Perp DEX Recent Updates: Find the Best Way to Participate

Odaily星球日报Published on 2025-12-18Last updated on 2025-12-18

Abstract

Despite a generally cool market, Perp DEX platforms remain highly active due to airdrop incentives and stable trading volumes. Here are key updates from three popular Perp DEXs: **StandX** launched its mainnet trading points program, with daily volume exceeding $100 million. Users earn points by depositing DUSD, providing liquidity, trading, or inviting friends. A trading competition is planned, along with more trading pairs. **Aster**, currently leading in daily trading volume among Perp DEXs, continues its monthly airdrop campaigns. Phase 4 is ongoing until Dec 22, and Phase 5 will run from Dec 22 to Feb 1, 2026, distributing 1.2% of total supply. Aster has also increased its daily buyback and burn rate to ~$4 million and launched a human vs. AI trading competition. **Lighter** has been added to Coinbase's listing roadmap, but its TGE may be delayed until late December or early January. Its points system for traders remains opaque ("a blind box"), considering factors like volume and PnL. The team emphasizes a long-term approach to token value rather than a pump at launch.

Original | Odaily Planet Daily (@OdailyChina)

Author | Asher (@Asher_ 0210)

Although the overall market has been relatively cold recently, driven by incentives such as token airdrops, the community discussion around the Perp DEX sector remains highly active, and daily trading volume has remained stable without significant decline. Next, Odaily Planet Daily will summarize the recent key updates from 3 highly discussed Perp DEX platforms to see what offers the best value at this stage.

StandX: Trading Points Activity Now Live on Mainnet, Trading Competition Coming Soon

On December 10, StandX announced on platform X that the trading points activity is now live on the mainnet, with the first day's trading volume exceeding $81 million, and reaching over $100 million on December 16. Users can earn points by depositing DUSD into the Perps Wallet, Vaults, or actively participating in trading (Interaction link: https://standx.com/).

This event is in cooperation with Binance Wallet. Users using Binance Wallet's keyless extension wallet will receive a 10% points bonus, which lasts for 4 weeks until January 7, 2026. Points will be retroactively awarded for all past transactions since the mainnet launch.

Furthermore, core team member Justin participated in a Chinese AMA in early December. Odaily Planet Daily summarizes the key points below:

Q1: Is there a depegging risk for the built-in stablecoin (DUSD)? How secure is it?

A1: The DUSD mechanism is secure and fully collateralized, with underlying assets like BTC and ETH; it uses a "spot long + perpetual short" basis trading strategy to maintain "market neutrality." This means the total asset value remains stable in U terms regardless of price fluctuations, only earning funding rates without bearing the risk of price volatility.

Q2: What's the difference between the Mainnet and the previous Alpha testnet?

A2: The Alpha phase used test coins, primarily for testing product features and distributing "testnet points"; the Mainnet phase uses real funds, requiring users to deposit actual USDT for trading. The current points are "mainnet points," whose value and weight differ from the testnet.

Q3: What are the project's future plans?

A3: StandX is about to launch a trading competition and plans to list more altcoin perpetual pairs. Simultaneously, the team will continue optimizing the product experience, aiming for a CEX-like (centralized Exchange) experience on the DEX.

Q4: What is the proportion of trading points vs. deposit points for the airdrop?

A4: This hasn't been finalized yet because we are currently separating points from each phase and each type, meaning rewards are earned separately. We will comprehensively evaluate the contribution of each user type and point type to the overall StandX product and ecosystem before the airdrop to decide the reward proportions.

Complete Guide to Earning StandX Points

Method 1: Deposit DUSD to get tDUSD (1.2x points), specific steps:

  • Mint DUSD with USDT/USDC;
  • Deposit DUSD into the Perps wallet to convert it to tDUSD;
  • Every 1000 tDUSD / day = 1200 points;
  • Lossless participation, suitable for newcomers and users who don't trade.

Method 2: Provide LP, points rules:

  • DUSD: Each DUSD earns 1 point per day;
  • USDT/USDC: Each USDT/USDC earns 1.2 points per day.

For example, 1000 DUSD + 1000 USDT → 2200 points/day.

Method 3: SWAP trading to earn points (specified trading pairs), every 100 DUSD trading volume = 5 points.

This method has significant slippage; "point farmers" should participate cautiously.

Method 4: Invite friends, both parties get an additional 5% points bonus.

Method 5: Trade on the StandX mainnet to earn points.

  • If profitable: More profit means more tDUSD, leading to higher points;
  • If loss: If the loss exceeds 50% of the initial capital, points are still given based on 50% of the initial capital.

Additionally, the daily trading check-in event is worth participating in. Complete two trades over $100 daily to earn 10 points.

The StandX trade-to-earn points for token airdrop is still in its early stages. Judging by the daily trading volume, it's not "very competitive" currently, making it relatively easy to earn points. It's worth participating in; even if you don't farm trading volume for points, you can deposit stablecoins to "freeload" points daily.

Aster: Monthly Airdrops + Regular Buyback & Burn; Launches Human vs. AI Trading Duel

According to the latest data from DeFiLlama, Aster's daily trading volume has recently surpassed that of Lighter (which has the highest token launch expectations), ranking first among Perp DEX projects.

Perp DEX Data

Although Aster has completed its TGE, its airdrop activities continue to progress, operating on a monthly cycle with short interaction periods and clear rewards.

Phase 4 Token Airdrop Ongoing

Currently, Phase 4 Aster Harvest officially started at 8:00 AM UTC on November 10 and will last until 7:59 AM UTC on December 22, 2025. This phase will distribute 1.5% of the total ASTER token supply, allocated equally across six epoch cycles, with 0.25% allocated per epoch.

Phase 5 Token Airdrop Starts December 22, Lasts 6 Weeks

Phase 5 Aster Crystal will begin after Phase 4 Aster Harvest concludes. Specific details are as follows:

  • Duration: 6 weeks (December 22, 2025, to February 1, 2026);
  • Allocation: 1.2% of the total supply (approx. 96 million ASTER) for Phase 5, with 0.6% claimable immediately after the event ends and the other 0.6% subject to a 3-month lock-up.

Additionally, Aster will launch the Aster chain testnet by the end of this year, the mainnet in Q1 next year, and token staking and governance functions in Q2.

Accelerates Phase 4 Buyback Execution, Daily Buyback Scale Increased to ~$4 Million

According to the latest announcement from the ASTER team, the buyback speed for Phase 4 will be increased under the existing mechanism. The accelerated buyback scale increased from approximately $3 million/day to about $4 million/day starting December 8.

The official statement said this move allows faster on-chain deployment of the fees accumulated since November 10 for Phase 4 buybacks and strengthens support during market volatility. Based on current fee levels, it's estimated that stable execution of the buyback will be reached within 8 to 10 days, after which the daily buyback scale will continue to be maintained between 60% and 90% of the previous day's revenue as per Phase 4 rules.

The team emphasized that all operations remain transparently executed on-chain, with no changes to the relevant execution wallet address (Address link: https://bscscan.com/address/0x573ca9ff6b7f164dff513077850d5cd796006ff4).

Additionally, Aster burned 77.86 million ASTER repurchased in Season 3 on December 5, worth nearly $80 million.

Aster Buyback Address

Launches Human vs. AI Trading Duel

On December 9, Aster announced on platform X that the Human vs. AI trading duel is live. 70 funded human traders are competing against 30 AI agents run by @nofA_ai (initial capital $10,000 each). The trading duel runs from December 9 to December 23.

As of now, only 29 out of the 100 traders (human and AI) are profitable. Among them, only 9 have profits exceeding $5,000—8 are human traders, and 1 is AI. The top performer is human trader Tippy, with profits as high as $47,000, far ahead.

Human vs. AI Trading Profit Chart

Lighter: To List on Coinbase, but TGE Might Be Delayed

Since Lighter announced the completion of a $68 million funding round on November 11, valuing the company at $1.5 billion post-funding, its daily trading volume has consistently remained at the forefront of Perp DEXs, often ranking first. Regarding Q2 points, the official distribution is scheduled for every Friday. Market makers are allocated 50,000 points weekly (only advanced accounts are eligible to earn points through market making). Regular trading users are allocated 200,000 points weekly. Factors influencing points include: trading volume, open interest, account equity, leverage, profit/loss amount, and trading categories, but the specific weights have not been disclosed, making it a "blind box."

On December 13, Coinbase Markets announced on platform X that Lighter had been added to its listing roadmap, leading community members to believe Lighter's TGE is imminent.

Coinbase Adds Lighter to Listing Roadmap

However, based on feedback from participants in Lighter's Japanese AMA, the TGE might be delayed to between December 24 and January 1 next year. Influenced by this news, the probability of "No" in the Polymarket event "Will Lighter airdrop tokens this year?" increased from just 8% on December 16 to 33%.

Polymarket Event: "Will Lighter Airdrop Tokens This Year?"

Furthermore, in a recent podcast interview on The Chopping Block, Lighter founder and CEO Vladimir Novakovski, when asked about the token, stated: "From an expectation management perspective, this is a marathon, not a sprint. The team and early community don't really anticipate a 'day one moonshot.' A more realistic expectation is starting from a relatively healthy position, with the overall trend gradually improving as we continue building the product. Our goal is clearly not to maximize value on day one, but to have it in a healthy state in the current market environment, and then iterate from there. We've seen too many tokens pump hard on day one and then trend downwards."

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Related Questions

QWhat are the main ways to earn points on StandX and which method is recommended for new users?

AThe main ways to earn points on StandX are: 1) Depositing DUSD to get tDUSD (1.2x points), 2) Providing liquidity (LP), 3) SWAP trading on specified pairs, 4) Inviting friends for a 5% bonus, and 5) Trading on the mainnet. The method recommended for new users or those who don't want to trade is depositing stablecoins to 'farm' points with minimal risk.

QWhat is the current status of Aster's token airdrop and what are the key details of its upcoming Phase 5?

AAster's Phase 4 airdrop (Aster Harvest) is currently ongoing until December 22, 2025, distributing 1.5% of the total ASTER supply. Phase 5 (Aster Crystal) will begin on December 22, 2025, and last for 6 weeks until February 1, 2026. It will distribute 1.2% of the total supply (approx. 96 million ASTER), with half (0.6%) claimable immediately and the other half (0.6%) subject to a 3-month lockup.

QHow has Aster modified its token buyback mechanism in Stage 4 and what was the recent major burn event?

AAster has accelerated its Stage 4 buyback, increasing the daily buyback volume from approximately $3 million to about $4 million starting December 8th. This is executed transparently on-chain. Additionally, Aster recently burned 77.86 million ASTER tokens from the S3 season回购, valued at nearly $80 million.

QWhat was the outcome of the 'Human vs. AI Trading Duel' event hosted on Aster, and who was the top performer?

AIn the Human vs. AI Trading Duel on Aster, 70 human traders competed against 30 AI agents. As of the report, only 29 of the 100 participants were profitable. The top performer was a human trader named 'Tippy', who achieved a profit of $47,000. Only 9 traders had profits exceeding $5,000, 8 of whom were human and 1 was an AI.

QWhat is the current expectation for Lighter's TGE (Token Generation Event) according to community speculation, and what evidence suggests a potential delay?

ACommunity speculation, based on a Japanese AMA, suggests Lighter's TGE might be delayed to between December 24th and January 1st. This is further supported by the probability of 'No' on the Polymarket prediction market for 'Will Lighter airdrop its token this year?' rising from 8% to 33%.

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