In recent years, DeFi has seen a rise in many innovative trading applications for Web3 users; one of the most exciting is Perpetual Trading DEXs, which exceed a market cap of over $2 billion. They allow users to leverage-trade their assets in a completely decentralized, permissionless way, with markets such as dYdX, GMX, and SNX at the forefront, accounting for 7.9% of total DeFi market value.
That's why it's with great pleasure that the Radix Network welcomes the announcement of Surge, the first perpetual DEX on Radix. A collaboration between CaviarNine, Supra, and Keyrock, Surge offers an innovative trading platform capable of providing over 100 tradable pairs. It will leverage the full Radix technology stack to provide an industry-leading, secure, seamless, and streamlined trading experience alongside an intuitive yet powerful liquidity provision system.
Surge has already received significant outside investment based on CaviarNine’s and the wider Radix DeFi ecosystem’s success.
If you want to sign up for early access, head here to be one of the first to join the incentivized testnet.
Surge will be supported by Supra’s Distributed Oracle Agreement - DORA protocol, combined with an innovative trading account and highly effective collateral management.
A key partner in this exciting collaboration is Keyrock; Keyrock CSO Juan David Mendieta commented on the launch of Surge:
"It is incredibly exciting to see a perpetuals DEX launching on Radix with such a strong team building the product. Perpetuals are one of the fastest growing markets in DeFi, and with the Radix tech stack to provide numerous advantages in both security and end-user experience, this is certainly one to watch."
What does this mean for the Radix ecosystem?
As part of Breakout2024, Radix is committed to showcasing the true innovation and power of the Radix technology stack and supporting new and exciting projects like Surge. With growing interest circling around perpetual DEXs, you can expect to see more Web3 users joining the Radix community and a boost in liquidity flowing within the Radix DeFi ecosystem.
This is just the beginning of more breakout dApps starting to launch on the Radix Network. These dApps will be able to take advantage of the innovative features Radix offers, allowing them to provide a safer, easier, and more fun Web3 experience.
This is just the start of Breakout2024, which Piers Ridyard addressed in the Breakout2024 Video
2024 will be the year that Radix takes center stage within the Web3 community, showcasing all that it has to offer. Proving that the Web3 future that Radix makes possible is exactly what Web3 needs.
“Right now, most crypto perpetuals are traded on centralized exchanges, representing over 95% of the total traded volume in crypto perpetuals globally. This was also once true about Centralized vs Decentralized exchanges for spot traded volume.
Fast forward to today, and Uniswap v3 regularly sees more spot volume than Coinbase. I see the same potential in decentralized perpetuals in 2024 that I saw in decentralized exchanges in 2020. The quality of the Surge team and their ability to execute on Radix make me incredibly excited for what the future for perps on Radix looks like.” - Piers Ridyard, CEO of RDX Works
Early Access
Early adopters, referrals, and testnet users will be allocated rewards as part of the Surge rewards program, showing a commitment to building with and for the community.
If you’d like early access, make sure to sign up, those who register early could benefit from exclusive access to the platform, allowing you to play around with all of the innovative features Surge has to offer.
More details will be shared in the weeks leading up to the launch. If you want to stay informed, be sure to follow Surge on X (Twitter), Telegram, and Medium.