When Hyperliquid and Aster are fighting for dominance in DEFI, Justin Sun decided to enter the game with his own stock exchange of decentralized perpetual contracts. On Wednesday, he presented Sunperp-a platform that is to be the response of the throne to the growing migration of capital from CEX to DEX.
Blockchain in Chinese: Sun Wukong enters DEFI
Sunperp (a name referring to the mythological king of the monkeys, Sun Wukong) debuts when Hyperliquid records a solid growth of users by offering speculation with DeGenerate Levels of LEVERGE, and BNB Smart Chain put up to the aster’s fight, supported by Changpenga Zhao.
The platform already launched in the public phase is to offer throne users the first in history the possibility of cryptoder trading without the date of expiry. But that’s not all. Sun boasts that his band “synthesized the best practices of the industry, standing on the arms of giants.” I wonder who giants now feel the weight on the shoulders?
Dark Pools and subsidized fees – new toys for whales
The most interesting, however, is Sunperp architecture. The platform has:
- Subsidize the transaction fees of Users – that is, a classic movement from the textbook “How to attract liquidity”. The question is how long there will be a budget for this generosity show.
- Hide orders and permissions data through “Dark Pools” – Functionality known for traditional finances, where great players can carry out large transactions away from the sight of the market. In theory, this reduces Slippage (price slip) and front-benning (earning in market movements). In practice? Well, we’ll see if it won’t be a paradise for insiders.
- Connect with other ecosystems -Integration with Ethereum, BNB Smart Chain and Arbitrum (i.e. the Layer-2 network, which Hyperliquid uses to send funds to his Layer-1). Ironic? A bit.
The platform will offer trade in USDT – Stablecoin Tether, which for the throne ecosystem has total sense.
Justin Sun (Wukong) versus Bloomberg – when PR becomes a legal war
Justin Sun has a turbulent year behind him. In addition to launching Sunperp (and earlier Sunpump, who debuted in the footsteps of Hype around Pump.Fun), got involved as an adviser at Tron Inc. – A company that once sold gadgets for amusement parks from the office in coworking in the Florida province. Actions fell by more than 80% from the peak in June. Auto!
In addition, SUN controls over 63% of the throne supply, which caused controversy and prompted him to sue Bloomberg for alleged fracture of a confidentiality agreement. The court refused to take into account the application last month. The Throne Dao (which manages the ecosystem since Sun’s resignation from the CEO function in 2021) called Bloomberg information “inaccurate” and argued that the case would affect whether the industry would “constantly slander the media for clicks.”
Sec let go, Trump greets, freezes freezes
In February, SEC began to withdraw from allegations of fraud related to securities and market manipulation against Sun – an element of a wider change in the regulator course. At the same time, Sun became the main sponsor of the World Liberty Financial, the DEFI project of the Trump family, and was recognized as the main supporting meme of the president.
But even in this alliance there were cracks, because last month WLFI tokens associated with SUN were frozen.
The next step in Sun in building the Empire
During the presentation at a cryptocurrency conference in Singapore, Justin Sun announced that the introduction of Sunperp is “a direct response to an irreversible trend of capital migration from centralized platforms to decentralized.”
A press release adds that “the audience broke out with enthusiasm when Justin Sun announced the name.” Probably as enthusiastic as during other cryptocurrency conferences, where each announcement sounds like a breakthrough of the decade.
Will Sunperp become a real competitor for Hyperliquid? Will Dark Pools attract whales looking for discretion? Or maybe this is another project in the long chain of Sun experiments, which controls a huge part of its ecosystem and does not intend to let go of the fight for DEFI market share? We will know the answer in the coming months, but Justin Sun clearly shows that the decentralized exchanges have just got tighter on the market.
