Recently, Huobi's HTX Research, the exclusive research department of the cryptocurrency exchange Huobi HTX, released a research report titled "From AMM to CLOB: The 2025 Perp DEX Explosion, Competitive Shakeup, and Sun Wukong's Upswing." The report delves into the explosive growth and technological evolution of the 2025 perpetual decentralized exchange (Perp DEX) space, with a focus on analyzing the unique breakthroughs and growth potential of the TRON ecosystem's first native perpetual DEX platform, "Sun Wukong" (SunPerp), within the current landscape.

The report points out that with the maturity of CLOB architecture and ZK technology, perpetual DEXs experienced a comprehensive growth surge in 2025, reaching record highs in trading volume, user numbers, and TVL. The market share has surpassed a quarter of the global perpetual futures market. Amid the technological advancements led by flagship platforms such as Hyperliquid and Aster, Sun Wukong has emerged as a rising force, leveraging the TRON ecosystem and innovative design to rapidly build its unique growth trajectory.

Sun Wukong: The Disruptor of Perp DEX in the TRON Ecosystem

Sun Wukong is the first native perpetual DEX in the TRON ecosystem and the world's first decentralized perpetual trading platform to introduce a Chinese brand. Its design fully utilizes the TRON blockchain's circulating supply of around 80 billion USDT and the advantage of high-frequency transactions to establish differentiation through "zero gas + millisecond matching + Auto-Deleveraging (ADL)." In terms of user benefits, Sun Wukong focuses on the lowest network-wide trading fees and high APY for coin staking. Users can automatically earn a 12% APY by depositing USDT assets, without the need for lock-ups.

Since its public testnet launch on September 9, 2025, Sun Wukong has rapidly accumulated users and trading volume based on a purely product-driven growth strategy, even without large-scale incentive measures such as a points system. By mid-October, the platform had achieved a $1.8 billion trading volume, surpassed 20,000 registered users, reached a TVL of $50 million, and maintained positive growth in user retention and net fund inflows.

High-Performance Architecture with Institutional-Grade Experience

Sun Wukong adopts a hybrid architecture of off-chain matching and on-chain settlement, combined with zero-knowledge proofs, to achieve secure, efficient data transmission, and user privacy protection. Its matching engine supports sub-millisecond execution, zero slippage for large orders, offers various order types (market, limit, stop-only, trailing stop-loss, TWAP, etc.), catering to professional traders and high-frequency strategies.

In terms of risk management, the platform has introduced a high-transparency Auto-Deleveraging (ADL) system, which automatically dynamically hedges in extreme market conditions to avoid systemic liquidation risk. Coupled with an independent insurance fund, it effectively safeguards user asset security.

Ecosystem Collaboration Advantage

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

Sun Wukong's multi-chain extension plan is also in progress. Currently, it supports not only TRON but also Ethereum, BNB Chain, and Arbitrum, and will expand to networks such as Polygon, Aptos, and Sui to further break the barriers of cross-chain liquidity isolation. It will also launch incentive mechanisms such as points, airdrops, referrals, and copy trading, and integrate with the MetaMask wallet to enhance user coverage.

Industry Landscape: Technological Arsenal and Innovation in Parallel

HTX Research points out that by 2025, the total trading volume of perpetual DEX markets has exceeded $18 trillion, with fierce competition between platforms: Hyperliquid holds the technological high ground with its self-developed L1 and full-chain order book, Aster achieves explosive expansion through integration with the Binance ecosystem; and new platforms like Lighter and Sun Wukong are pioneering a new blue ocean with ZK, zero fees, and ecosystem integration.

In the current stage, the focus of the race is gradually shifting from a "feature battle" to an "efficiency battle." Sun Wukong has shown strong adaptability among Asian stablecoin users and high-frequency traders, combined with its ultra-low customer acquisition cost and fund reuse path, it has the potential to break through from a niche market to platformization evolution.

Conclusion: Sun Wukong will become a core target in the "TRON × Derivatives" industry

HTX Research believes that Sun Wukong, with its ultra-low fee trading, TRON-native liquidity, and CEX-level seamless trading experience, is expected to achieve a dual leap in market share and revenue in the next several quarters, becoming one of the most cost-effective and verifiable milestones in the "TRON-native Derivatives" field between 2025 and 2026. Its future development focus includes multi-chain expansion, the implementation of the $SUN token buyback mechanism, and the comprehensive launch of incentive points.

About HTX Research

HTX Research is the exclusive research department under Huobi HTX, responsible for in-depth analysis of a wide range of fields such as cryptocurrencies, blockchain technology, and emerging market trends, writing comprehensive reports, and providing professional assessments. HTX Research is dedicated to providing data-driven insights and strategic foresight, playing a crucial role in shaping industry opinions and supporting wise decision-making in the digital asset field. With rigorous research methods and cutting-edge data analysis, HTX Research always stands at the forefront of innovation, leading industry thought development, and promoting a deep understanding of the ever-changing market dynamics.