Core Insights - StandX aims to create a sustainable on-chain derivatives market through innovative mechanism design rather than mere subsidies [1][2] - The company has developed a unique model that integrates native interest-bearing stablecoin DUSD with perpetual DEX, creating a "stablecoin-contract-yield feedback" flywheel effect [1][2] Product Differentiation and Flywheel Effect - StandX's core product experience is characterized by the in-house development of both interest-bearing stablecoin and Perps DEX, allowing for deeper integration and a unified user experience [1][2] - The interest from the stablecoin, primarily sourced from contract funding rate arbitrage, provides an annual yield of around 10%, enhancing the attractiveness of DUSD as collateral for contract trading [2] - The revenue generated from contracts will be partially distributed to DUSD holders, further increasing the yield and competitiveness of DUSD [2] Current Stage and Product Updates - StandX is in the early stages of development, with recent updates including the launch of Maker Points and Maker Uptime campaigns aimed at improving market liquidity [3] - New trading pairs, including ETH, gold, and silver, have been added, along with multi-language support to cater to active trading markets [3] Maker Points and Market Liquidity - Maker Points are designed to reward users who contribute to market liquidity, with a focus on improving order book depth [5][6] - The current order book depth of 800 BTC indicates a strong liquidity position, allowing for large trades with minimal slippage [6] Discussion on Liquidity in Extreme Market Conditions - Liquidity may diminish during extreme market conditions, but the design of the system aims to maintain sufficient liquidity under normal market fluctuations [7][8] - Maker Uptime requires strict adherence to order placement within 10 basis points and a minimum holding time, ensuring that experienced market makers contribute effectively [8] Response to Subsidizing Depth Concerns - The Maker Uptime program is an evolution of the market maker program, rewarding those who contribute to market liquidity, similar to practices in centralized exchanges [10] - The program has successfully increased order book depth and trading volume, with recent daily trading volumes exceeding $1 billion [10] Future Competition in the Perps DEX Space - The competition in the Perps DEX space is expected to focus on product innovation and the introduction of popular asset classes, such as the recently added gold and silver contracts [11][12] - StandX aims to enhance its functionality and ensure that its model is well understood in the market, facilitating the growth of its flywheel effect [12] Long-term Vision and Market Outlook - The primary goal for StandX in 2026 is to refine its offerings and ensure the competitive yield of its stablecoin while supporting contract market users [12] - The company maintains a long-term positive outlook on the crypto market, despite short-term fluctuations [12]