The Derivatives layer is quietly becoming $DeFi’s most competitive frontier. Innovations in liquidity design, execution latency, and risk architecture are defining the next S-curve.

This visual doesn’t show trends - it reveals where sophisticated users are placing conviction in 2025.

@EdgeLayer
@JupiterExchange
@etherealdex
@DriftProtocol
@GMX_IO
@dYdX
@HyperliquidX
@synthetix_io
@derivexyz
@tradeparadex
@OfficialApeXdex
@KiloEx_perp
@AstherusHub
@aevoxyz
@MYX_Finance
@storm_trade_ton
@Contango_xyz
@SynFuturesDefi
@GainsNetwork_io
@OrderlyNetwork
@reya_xyz
@FulcromFinance
@surf_protocol
@bluefinapp
@wasabi_protocol
@muxprotocol
@Parcl
@avantisfi
@HelixApp_
@FlashTrade_
@OstiumLabs
@ZetaMarkets
@grvt_io
@thekeep3r
@PolynomialFi
@AdrenaProtocol
@Merkle_Trade
@IntentX_
@Levana_protocol
@edgeX_exchange
@ipor_io
@rabbitx_io
@AnyHedge
@TradeOnDESK