Crypto Exchange OKX has built a decentralized perpetual trading platform similar to hyperliquidal and Aster, but retained the launch on regulatory concerns, says its founder.
The OKX web3 arm developed the nameless platform in 2023, the founder and CEO of OKX said on Sunday in a post.
“The hyperliquid has proven that massive success in ONCHAIN Perps can be reached with very few employees. Now, more competitors like Aster are entering space,” he said.
“OKX Web3 has been testing a similar product since 2023, but we have chosen not to launch MAINNET due to regulatory concerns.”
Decentralized perpetual exchanges are booming
Decentralized perpetuates exchange the hyperliquid launched in 2024 and have become one of the perpetual finance places (DEFI) in decentralized, recording its strongest month in July, with around 319 billion dollars in negotiation volume.
Meanwhile, Aster, which was launched as an ASTER channel in July, is an exchange of cryptographic derivatives supported by Yzi Labs affiliated with CZ and launched as a direct competitor of the hyperliquid. He has recorded more than $ 22 billion in a negotiation volume in the last 30 days, according to Defilma.
Regulatory concerns are sliding plans
Xu did not specify how far the product had arrived, but cited the measure of the application of the ComboDity Futures Trading Commission against Deridex in September 2023 as concern.
In the action in application of the law of 2023, the CFTC alleged that Deridex illegally offered the trade in digital asset derivatives and had failed to register as an exchange of exchange or merchant of the future commission, particularly aiming for its perpetual exchanges.
Two other protocols, OPYN and ZEROEUX, were also mentioned in the action of applying the law to illegally offer transactions in terms of retail products with leverage and margina in digital active ingredients.
“Although we celebrate the growth of ONCHAIN Perps, we must not forget the application of the CFTC against Deridex in 2023. The application of the regulation has fundamentally offset – I hope that industry will soon be able to gain an essential clarity,” said XU.
In relation: Crypto biz: rails, platforms and regulations – the new cryptographic economy
Blowing winds blowing
There has been a significant change in the regulatory position of the United States since the election of the US President of Crypto Donald Trump in January.
On Saturday, the CFTC appointed new members to its advisory committee on the global markets and to sub-commies, adding several leaders of the cryptographic industry to the subcommittee of digital asset markets.
At the same time, the White House report on cryptocurrency policy, published in July, recommended that surveillance of digital assets be shared between the CFTC and the Securities and Exchange Commission, the CFTC having surveillance in the cryptographic markets.
Review: The U-turn of the dry on the crypto leaves key questions unanswered
