2025-12-05 11:33:00

When it comes to perpetual DEXs, many people's first reaction is to think of the recent popular projects. But in fact, the veteran in this track is ApeX Protocol.

This decentralized perpetual protocol based on ZK technology started back in 2021 and officially launched in 2022—earlier than Hyperliquid. It was incubated by a leading exchange, with top institutions like Dragonfly, Mirana, and Jump all participating in its investment.

Product maturity, liquidity depth, execution speed? It has always been the benchmark in this sector.

HYPE-0.47%

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DuckFluff

· 12-05 12:03

An old project that has always kept a low profile does have some substance compared to the new favorites that are hyped up every day.

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SchrodingerWallet

· 12-05 12:00

Bro, now that you mention it, I realize I really have been neglecting ApeX for too long.

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MechanicalMartel

· 12-05 11:59

You're right, ApeX is indeed undervalued. They've been quietly building up their technology since the early days.

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CountdownToBroke

· 12-05 11:56

Haha, ApeX started grinding so early, no wonder their fundamentals are so solid. --- Both Dragonfly and Jump have invested, so why hasn’t the hype picked up yet? --- It’s been live for so long, is the liquidity actually strong? --- Honestly, these old projects are the easiest to be forgotten. They just can't retain ecosystem users. --- ApeX has indeed been on the ZK perpetuals path for quite a while. Now it’s just a matter of whether they can make a comeback. --- Incubation project and top-tier institutions... so why does it feel like they have no presence? --- Has the execution speed always been stable? That’s actually worth paying attention to. --- Launched even before Hyperliquid, that’s really impressive. So why can’t they gain traction? --- Benchmark level, huh? Then how are their recent stats? --- The sad thing about being an OG is getting overshadowed by new players. What a pity.

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RatioHunter

· 12-05 11:46

I’ve long known that Apex is an industry veteran, but when it comes to liquidity depth, it really can’t compete with the newcomers.

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NoStopLossNut

· 12-05 11:40

Oh, that's right. There's always someone who only remembers what's recently popular, but actually ApeX has been around for a while. But honestly, how many people have really used it? Hyperliquid definitely rode this wave of hype, but when it comes to liquidity depth, we still need to look at the actual data. Having leading institutions invest does add some weight, but it's hard to say if they'll fall behind in the future. The path for ZK perpetuals feels like it's just beginning; it won't be so quick to determine a winner.

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BetterLuckyThanSmart

· 12-05 11:39

Damn, ApeX started this early? How come I never heard about it before? I thought Hyperliquid was the big player.

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