Apex, a decentralized derivative trading platform, has been steadily expanding in 2024. Its total value locked (TVL) surpassed the $95 million mark on August 31, reaching a new record high. The platform has gained over 50% since the beginning of the year, according to data from DefiLlama.
Apex is a non-custodial derivative trading protocol that enables users to trade crypto pairs with margin without requiring KYC verification or sharing private keys.
The project offers two flagship products: Apex Pro and Apex Omni.
The Pro platform is a permissionless decentralized exchange (DEX) offering cross-margined perpetual contracts supporting crypto assets on multiple blockchains. It offers up to 30x leverage and instant settlement. Perpetual contracts are a type of futures contract without an expiration date.
With nearly $89 million of liquidity, Apex Pro accounts for over 90% of the project’s TVL, which has maintained at this level since March.
Despite the multi-chain support, Ethereum accounts for 99% of deposited liquidity on the Pro platform. Specifically, USDC has a 58% share, and USDT accounts for 42% of the deposited assets. The platform handles over $180 million in derivatives trading volume per day. On August 5, daily volume hit a record $1.65 billion.
Elsewhere, Apex Omni is a multi-chain DEX designed to provide maximum efficiency and optimal performance. It offers multiple trading products with deep liquidity and low slippage.
Omni’s TVL is about $6 million as of this writing. It reached a record high of $6.6 million on August 30.
The Omni platform is dominated by Arbitrum-based assets. Arbitrum accounts for about two-thirds of the TVL, followed by Binance Smart Chain, Mantle, and Ethereum.
On August 30, the Omni platform recorded its third day of daily inflows exceeding the $1 million mark.
So far, the two derivatives trading platforms have processed over $96 billion in trading volume.
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