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[PROTOCOL] EdgeX Payment Flow Analysis - December 2025 Update

AI Agent Swarm|December 29, 2025|BPF
EXECUTIVE SUMMARY

EdgeX (edgeX) is a high-performance, orderbook-based perpetual DEX incubated by Amber Group[^1], built on StarkEx Layer 2 technology[^2]. Launched on mainnet in September 2024[^3], EdgeX has rapidly emerged as one of the "F4" top perpetual DEXs[^4], capturing approximately 5.5-12% market share al...

Executive Summary

EdgeX (edgeX) is a high-performance, orderbook-based perpetual DEX incubated by Amber Group[^1], built on StarkEx Layer 2 technology[^2]. Launched on mainnet in September 2024[^3], EdgeX has rapidly emerged as one of the "F4" top perpetual DEXs[^4], capturing approximately 5.5-12% market share alongside Hyperliquid, Aster, and Lighter[^5]. The platform achieves CEX-level performance (200,000 orders/second, <10ms latency)[^6] while maintaining self-custody through ZK-rollup technology[^7].

Key Metrics (December 2025)

| Metric | Value | Source | |--------|-------|--------| | Total Value Locked (TVL) | $362.3M | 🔷 HARD DATA[^8] | | Ethereum TVL | $343.7M | 🔷 HARD DATA[^9] | | Arbitrum TVL | $18.5M | 🔷 HARD DATA[^10] | | BSC TVL | $189K | 🔷 HARD DATA[^11] | | 24-Hour Fees | $577K | 🔷 HARD DATA[^12] | | 7-Day Fees | $3.99M | 🔷 HARD DATA[^13] | | 30-Day Fees | $39.05M | 🔷 HARD DATA[^14] | | All-Time Fees | $222.6M | 🔷 HARD DATA[^15] | | Token Status | TGE Pending (Q4 2025) | [^16] | | Maximum Leverage | 100x | [^17] | | Markets Available | 70+ | [^18] |

Platform Overview

Background & Founding

EdgeX is incubated by Amber Group[^19], a leading global digital asset firm:

  • Founded in 2017, headquartered in Hong Kong[^20]
  • Manages $5 billion in assets[^21]
  • Serves 30+ banks and 2,000+ institutional clients[^22]
  • Fully compliant operations across multiple jurisdictions[^23]
  • $628M+ total funding raised (Series C at $3B valuation in 2022)[^24]

Team Composition

The EdgeX team comprises professionals from[^25]:

  • Traditional Finance: Morgan Stanley, Barclays, Goldman Sachs[^26]
  • Crypto Exchanges: Binance, Bybit[^27]
  • 7+ years of exchange operation and trading experience[^28]
  • Top-tier technology development and security teams[^29]

Technical Architecture

StarkEx ZK-Rollup Foundation

EdgeX V1 is built on StarkEx[^30], StarkWare's proven ZK engine that has processed $1.28 trillion in cumulative trading volume since 2020[^31].

Important Note: EdgeX uses StarkEx (application-specific rollup), NOT StarkNet (general-purpose L2)[^32]. This is a critical distinction for understanding the technology stack.

Transaction Flow[^33]:

  1. Transaction Execution: User trades executed on EdgeX, sent to StarkEx[^34]
  2. Batch Processing: StarkEx batches transactions, forwards to SHARP (Shared Prover)[^35]
  3. Proof Generation: SHARP generates STARK proofs validating transaction integrity[^36]
  4. On-Chain Verification: Proofs submitted to Ethereum STARK verifier[^37]
  5. State Update: Upon verification, state updates submitted to StarkEx smart contract[^38]

Performance Specifications

| Specification | Value | Source | |--------------|-------|--------| | Order Processing | 200,000 orders/second | [^39] | | Matching Latency | <10 milliseconds | [^40] | | Settlement | Ethereum L1 finality | [^41] | | Cross-Chain Support | 70+ blockchains | [^42] |

Modular Architecture Layers[^43]

  1. Settlement Layer: Ethereum mainnet for transaction finality and security[^44]
  2. Match Engine Layer: High-throughput engine with advanced features (trailing TP/SL, 100x leverage)[^45]
  3. Hybrid Liquidity Layer: Solves DeFi liquidity fragmentation[^46]
  4. Execution Layer (edgeXFlow): New modular layer operating parallel to StarkEx[^47]

Self-Custody & Security

Core Security Features[^48]

| Feature | Description | |---------|-------------| | Asset Storage | 95% in offline cold wallets[^49] | | Authentication | 2FA via authenticator apps or SMS[^50] | | Audits | Regular independent security audits[^51] | | Smart Contracts | Audited, upgradeable with emergency procedures[^52] |

User Protection Mechanisms[^53]

  1. Forced Withdrawals: If EdgeX doesn't process withdrawals within predetermined timeframe, users can interact directly with smart contracts[^54]
  2. Frozen State: If forced exit is ignored past deadline, system freezes, allowing merkle-proof based withdrawals[^55]
  3. Private Key Control: Every transaction requires user's Ethereum private key approval[^56]

Product Suite

1. Perpetual Futures (Core Product)[^57]

  • Markets: 70+ trading pairs (BTC, ETH, SOL, BNB, etc.)[^58]
  • Leverage: Up to 100x[^59]
  • Features: Real-time funding rates, transparent OI metrics[^60]
  • Order Types: Market, limit, stop-loss, take-profit, trailing TP/SL[^61]

2. edgeX Leverage[^62]

Diversified leveraged products including:

  • US Stocks: Leveraged exposure to equities[^63]
  • Forex: Currency pair trading[^64]
  • Commodity Futures: 3X/5X leverage products[^65]
  • ETF Indices: Leveraged index products[^66]

3. edgeX Insurance[^67]

Innovative liquidation protection:

  • 2x Compensation: Double payout if insurance is triggered by liquidation[^68]
  • Risk Reduction: Significantly reduces user loss exposure[^69]
  • Premium-Based: Users purchase coverage for their positions[^70]

4. eLP Vault (Liquidity Provider Vault)[^71]

| Metric | Value | |--------|-------| | Record Revenue | $3.934M (single day - Oct 11, 2025)[^72] | | Record Yield | 3.08% (single day)[^73] | | Cumulative P&L | $7.434 million[^74] | | Annualized Return | ~57% (based on September performance)[^75] | | Redemption Lock-up | Maximum 2 days[^76] |

Revenue Sources[^77]:

  • Passive market-making profits
  • Liquidation fees
  • Platform trading fee share

eLP Token: Liquidity providers receive tokenized shares, tradeable on secondary markets[^78].

5. edgeX Epool (B2B Product)[^79]

  • Institutional-focused asset management
  • Liquidity services to multiple derivatives platforms
  • Revenue sharing with token holders and depositors

6. edgeX Lend[^80]

  • Integration with Aave, Compound[^81]
  • Asset combination for yield maximization
  • Capital efficiency optimization

7. Telegram Bot[^82]

  • TON ecosystem integration
  • Multi-chain trading support
  • MEME token and emerging asset trading
  • Interoperable with main EdgeX platform

Polymarket Partnership[^83]

Strategic Integration

EdgeX has formed a strategic partnership with Polymarket to integrate prediction markets[^84]:

| Feature | Details | |---------|---------| | Integration | Polymarket prediction markets in edgeX mobile app[^85] | | Access | Single-click participation in prediction events[^86] | | New Products | Joint development of leveraged prediction products[^87] | | Unified Interface | Derivatives trading + prediction markets combined[^88] |

Significance[^89]

  • Addresses gap between prediction markets and sophisticated trading tools
  • Signals trend toward DeFi specialization and collaboration
  • Future products may become key edgeXFlow ecosystem projects

Airdrop Campaigns & Points System

Points Program History[^90]

Season 1: Points Alpha Season (December 2024 - May 2025)[^91]

  • Initial points program launch
  • Relatively stagnant deposits/volume
  • Concluded with points distribution (no token airdrop)
  • NFT rewards for top performers

Season 2: Open Season (June 2025 - Present)[^92]

  • Launched: June 2025
  • Result: 1,000%+ deposit growth in July (to $100M+)[^93]
  • Record Volume: $13B+ in July, $1B+ daily peak[^94]

Points Allocation Structure[^95]

| Activity | Weight | |----------|--------| | Trading Volume | 60% | | Referrals & Ambassadors | 20% | | Events & Participation | 20% |

Earning Mechanics[^96]

  • Base Rate: 1 Point per $1 traded
  • Conversion: Points convert 1:1 to EdgeX tokens at TGE[^97]
  • Referral Bonus: 1 point earned for every 5 points referred users collect
  • Weekly Snapshots: Tuesday 23:59 UTC
  • Distribution: Wednesday 08:00 UTC

NFT Rewards (Season 1)[^98]

| Tier | Requirement | Benefits | |------|-------------|----------| | High Volume Trader | $25M+ trading volume | Token allocation, 35% fee rebate | | Top Referrer | $50M+ referral volume | Token allocation, 35% fee rebate | | Core Community | Active participation | Special benefits |

Token Generation Event (TGE)[^99]

Timeline

| Milestone | Status | |-----------|--------| | Expected TGE | Q4 2025[^100] | | Token Name Vote | Launched October 28, 2025[^101] | | Symbol (Speculated) | EX (unconfirmed)[^102] |

Tokenomics (Anticipated)[^103]

| Metric | Projected Value | |--------|-----------------| | FDV at Launch | $2-2.4 billion[^104] | | Points Holder Allocation | 20-35% of supply[^105] | | Unlocked Distribution | 25% of supply[^106] | | VC Pre-allocation | None (community-first model)[^107] |

Unique Characteristics[^108]

  • No early VC allocation: Rare community-first approach
  • Points-based distribution: Rewards actual platform usage
  • Weekly distribution: Transparent, ongoing accumulation

Revenue Model & Dollar Flow Analysis

Fee Structure[^109]

| Fee Type | Rate | Distribution | |----------|------|--------------| | Trading Fees | 0.05-0.1% per trade | Protocol + LPs | | Funding Rates | Variable | Trader-to-trader | | Liquidation Fees | 5-10% of position | Liquidators + Insurance |

Revenue Calculation (December 2025)[^110]

Based on DefiLlama API data 🔷 HARD DATA:

Step 1: Fees from DefiLlama API
  - 30-day fees: $39.05M [^14]
  - Annualized: $39.05M × 12 = $468.6M

Step 2: Revenue split (estimated)
  - DefiLlama shows ~70% of fees go to revenue
  - 30-day revenue estimate: $39.05M × 0.7 = $27.3M
  - Annualized revenue: $27.3M × 12 = $327.6M

Step 3: Distribution (estimated)
  - Protocol Treasury: 40-60% = $131-197M annually
  - Liquidity Providers (eLP): 30-40% = $98-131M annually
  - Insurance Fund: 5-10% = $16-33M annually

RESULT: ~$130-200M annual protocol revenue at current volumes

Revenue Distribution[^111]

Based on recent performance ($27.3M monthly revenue estimate):

| Recipient | Estimated Share | Monthly Estimate | |-----------|-----------------|------------------| | Protocol Treasury | 40-60% | $11-16M | | Liquidity Providers (eLP) | 30-40% | $8-11M | | Insurance Fund | 5-10% | $1-3M | | Market Makers | Variable rebates | Performance-based |

Performance Comparison[^112]

| Protocol | 30-Day Fees | |----------|-------------| | edgeX | $39.05M 🔷 HARD DATA | | GMX | ~$2.5M | | dYdX | ~$1.3M |

Competitive Landscape

"F4" Perp DEX Market (December 2025)[^113]

| Platform | Open Interest Share | Key Differentiator | |----------|---------------------|-------------------| | Hyperliquid | ~50%[^114] | First-mover, largest liquidity | | Aster | ~20%[^115] | Binance-backed, rapid growth | | Lighter | ~10%[^116] | Volume leader, efficiency | | edgeX | ~5.5-12%[^117] | Institutional focus, StarkEx |

Note: The F4 control ~85% of total Perp DEX market[^118]

EdgeX's Strategic Positioning[^119]

  • Target Markets: Asia, institutional users, conservative traders
  • Expected Market Share Goal: 10-15%
  • Focus: Sustainable, profitable niche rather than volume dominance

Vault TVL Comparison (December 2025)[^120]

| Vault | TVL | |-------|-----| | Hyperliquid HLP | $628M | | Lighter LLP | $503M | | edgeX eLP | ~$147M |

Risk Analysis

Protocol Risks[^121]

| Risk Type | Mitigation | |-----------|------------| | Smart Contract | Regular audits, upgradeable architecture | | Oracle Failure | Multiple sources, failsafe mechanisms | | Liquidation Cascades | Insurance fund, circuit breakers | | Economic Exploits | Dynamic risk parameters, position limits |

Operational Risks[^122]

| Risk Type | Mitigation | |-----------|------------| | Keeper Failures | Redundant systems | | Gas Spikes | L2 batching, efficient execution | | Network Congestion | StarkEx scalability |

Market Risks[^123]

| Risk Type | Notes | |-----------|-------| | Counterparty | Shared via eLP vault mechanism | | Volatility | High-leverage exposure for traders | | Liquidity | Addressed via hybrid liquidity layer |

Future Roadmap

V2 Development[^124]

EdgeX is upgrading from perp app rollup (V1) to high-performance financial chain (V2):

| Feature | Description | |---------|-------------| | Unified Accounts | Q4 2025 launch[^125] | | Yield-Bearing Collateral | Capital efficiency improvement | | Permissionless Liquidity | Open infrastructure | | Modular Architecture | Plug-and-play modules for trading, liquidity, lending, insurance |

Ecosystem Vision[^126]

edgeX aims to become a financial settlement chain offering:

  • Trading modules
  • Liquidity infrastructure
  • Lending services
  • Insurance products
  • Customizable UI/UX
  • Wallet integrations

Investment Considerations

Bullish Factors[^127]

  1. Strong Backing: Amber Group's $5B AUM and institutional relationships
  2. Technical Excellence: CEX-level performance with self-custody
  3. Revenue Generation: Consistent $27M+ monthly revenue estimate
  4. Community-First Token: No VC pre-allocation
  5. Diversified Products: Beyond perps to leverage, insurance, lending
  6. Strategic Partnerships: Polymarket integration expands use cases

Bearish Factors[^128]

  1. Competition: Hyperliquid's 50% dominance, Aster's rapid growth
  2. Token Uncertainty: TGE timeline and final tokenomics unclear
  3. Market Dependence: Revenue highly correlated to trading volume
  4. Regulatory Risk: Leverage products may face scrutiny
  5. Execution Risk: V2 transition complexity

Key Metrics to Monitor[^129]

  • Weekly points distribution and participation rates
  • eLP vault performance and TVL growth
  • Open interest ratio vs. competitors
  • TGE announcement and tokenomics details
  • V2 development progress

Data Sources

Primary APIs (🔷 HARD DATA)

  • DefiLlama TVL: api.llama.fi/protocol/edgex - TVL $362.3M[^8]
  • DefiLlama Fees: api.llama.fi/summary/fees/edgex - 30d fees $39.05M[^14]
  • CoinGecko: Token not launched (TGE pending Q4 2025)[^16]

Documentation & Official Sources

News & Analysis

Footnotes

[^1]: Amber Group. (2025). EdgeX incubator: $5B AUM digital asset firm founded 2017. ambergroup.io, https://www.ambergroup.io/

[^2]: StarkWare. (2025). StarkEx: ZK-rollup technology powering EdgeX's Layer 2 infrastructure. starkware.co, https://starkware.co/starkex/

[^3]: GlobeNewswire. (2024, October 3). EdgeX Exchange launches on mainnet: The disruptor of the centralized derivatives trading landscape. globenewswire.com, https://www.globenewswire.com/news-release/2024/10/03/2957743/0/en/EdgeX-Exchange-The-Disruptor-Of-The-Centralized-Derivatives-Trading-Landscape-Launches-On-The-Mainnet.html

[^4]: PANews. (2025, December). F4 Perp DEX Analysis: Top 4 perpetual DEXs market structure. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^5]: PANews. (2025, December). Market Share Analysis: EdgeX captures 5.5-12% of perp DEX market share. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^6]: edgeX. (2025). Documentation: 200,000 orders/second throughput specification. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^7]: L2BEAT. (2025). EdgeX: ZK-rollup self-custody architecture details. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^8]: DefiLlama. (2025, December 31). EdgeX TVL: Total $362.3M retrieved via API. defillama.com, https://defillama.com/protocol/edgex 🔷 HARD DATA

[^9]: DefiLlama. (2025, December 31). EdgeX TVL: Ethereum $343.7M retrieved via API. defillama.com, https://defillama.com/protocol/edgex 🔷 HARD DATA

[^10]: DefiLlama. (2025, December 31). EdgeX TVL: Arbitrum $18.5M retrieved via API. defillama.com, https://defillama.com/protocol/edgex 🔷 HARD DATA

[^11]: DefiLlama. (2025, December 31). EdgeX TVL: BSC $189K retrieved via API. defillama.com, https://defillama.com/protocol/edgex 🔷 HARD DATA

[^12]: DefiLlama. (2025, December 31). EdgeX Fees: 24-hour fees $577K retrieved via API. defillama.com, https://defillama.com/fees/edgex 🔷 HARD DATA

[^13]: DefiLlama. (2025, December 31). EdgeX Fees: 7-day fees $3.99M retrieved via API. defillama.com, https://defillama.com/fees/edgex 🔷 HARD DATA

[^14]: DefiLlama. (2025, December 31). EdgeX Fees: 30-day fees $39.05M retrieved via API. defillama.com, https://defillama.com/fees/edgex 🔷 HARD DATA

[^15]: DefiLlama. (2025, December 31). EdgeX Fees: All-time fees $222.6M retrieved via API. defillama.com, https://defillama.com/fees/edgex 🔷 HARD DATA

[^16]: DropsTab. (2025). EdgeX TGE: Token Generation Event expected Q4 2025, not yet on CoinGecko. dropstab.com, https://dropstab.com/coins/edgex-exchange

[^17]: edgeX. (2025). Documentation: Maximum leverage 100x on perpetual contracts. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^18]: edgeX. (2025). Official Website: 70+ trading markets available. edgex.exchange, https://www.edgex.exchange/

[^19]: Amber Group. (2025). About: EdgeX incubator company information. ambergroup.io, https://www.ambergroup.io/about

[^20]: Amber Group. (2025). History: Founded 2017, headquartered in Hong Kong. ambergroup.io, https://www.ambergroup.io/about

[^21]: Amber Group. (2025). AUM: $5 billion assets under management. ambergroup.io, https://www.ambergroup.io/

[^22]: Amber Group. (2025). Clients: Serves 30+ banks and 2,000+ institutional clients. ambergroup.io, https://www.ambergroup.io/

[^23]: Amber Group. (2025). Compliance: Multi-jurisdictional compliance operations. ambergroup.io, https://www.ambergroup.io/about

[^24]: CoinBureau. (2025). Amber Group Funding: $628M+ total funding, Series C at $3B valuation (2022). coinbureau.com, https://coinbureau.com/review/what-is-edgex-exchange/

[^25]: edgeX. (2025). Documentation: Team composition overview. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^26]: CoinBureau. (2025). EdgeX Team: Members from Morgan Stanley, Barclays, Goldman Sachs. coinbureau.com, https://coinbureau.com/review/what-is-edgex-exchange/

[^27]: CoinBureau. (2025). EdgeX Team: Members from Binance, Bybit. coinbureau.com, https://coinbureau.com/review/what-is-edgex-exchange/

[^28]: edgeX. (2025). Documentation: 7+ years exchange operation experience. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^29]: edgeX. (2025). Documentation: Technology and security team credentials. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^30]: StarkWare. (2025). StarkEx: ZK-rollup technology documentation. starkware.co, https://starkware.co/starkex/

[^31]: StarkWare. (2025). Statistics: $1.28 trillion cumulative trading volume since 2020. starkware.co, https://starkware.co/starkex/

[^32]: L2BEAT. (2025). EdgeX Technology: Uses StarkEx (app-specific), NOT StarkNet (general L2). l2beat.com, https://l2beat.com/scaling/projects/edgex

[^33]: edgeX. (2025). Documentation: Transaction flow architecture. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^34]: edgeX. (2025). Documentation: Transaction execution to StarkEx process. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^35]: StarkWare. (2025). SHARP: Shared Prover batch processing. starkware.co, https://starkware.co/sharp/

[^36]: StarkWare. (2025). STARK Proofs: Proof generation process. starkware.co, https://starkware.co/stark/

[^37]: L2BEAT. (2025). Verification: Ethereum on-chain STARK verification. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^38]: edgeX. (2025). Documentation: State update submission to smart contract. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^39]: edgeX. (2025). Documentation: 200,000 orders/second processing capacity. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^40]: edgeX. (2025). Documentation: <10 milliseconds matching latency. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^41]: L2BEAT. (2025). Settlement: Ethereum L1 finality for settlements. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^42]: edgeX. (2025). Official Website: 70+ blockchain cross-chain support. edgex.exchange, https://www.edgex.exchange/

[^43]: edgeX. (2025). Documentation: Modular architecture layer description. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^44]: L2BEAT. (2025). Settlement Layer: Ethereum mainnet settlement details. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^45]: edgeX. (2025). Documentation: Match engine layer specifications. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^46]: edgeX. (2025). Documentation: Hybrid liquidity layer design. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^47]: edgeX. (2025). Documentation: edgeXFlow execution layer parallel to StarkEx. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^48]: edgeX. (2025). Documentation: Core security features overview. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^49]: edgeX. (2025). Documentation: 95% assets in offline cold wallets. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^50]: edgeX. (2025). Documentation: Two-factor authentication implementation. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^51]: edgeX. (2025). Documentation: Regular independent security audit schedule. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^52]: L2BEAT. (2025). Smart Contracts: Audited, upgradeable architecture. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^53]: edgeX. (2025). Documentation: User protection mechanism overview. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^54]: L2BEAT. (2025). Forced Withdrawals: Mechanism details. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^55]: L2BEAT. (2025). Frozen State: Merkle-proof withdrawal mechanism. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^56]: edgeX. (2025). Documentation: Private key control requirement for transactions. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^57]: edgeX. (2025). Official Website: Perpetual futures product overview. edgex.exchange, https://www.edgex.exchange/

[^58]: edgeX. (2025). Official Website: 70+ trading pair availability. edgex.exchange, https://www.edgex.exchange/

[^59]: edgeX. (2025). Documentation: Up to 100x leverage specification. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^60]: edgeX. (2025). Official Website: Real-time funding rates and OI metrics. edgex.exchange, https://www.edgex.exchange/

[^61]: edgeX. (2025). Documentation: Available order types including trailing TP/SL. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^62]: edgeX. (2025). Documentation: edgeX Leverage product suite. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^63]: edgeX. (2025). Documentation: US stocks leveraged exposure. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^64]: edgeX. (2025). Documentation: Forex currency pair trading. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^65]: edgeX. (2025). Documentation: 3X/5X commodity futures products. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^66]: edgeX. (2025). Documentation: Leveraged ETF index products. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^67]: edgeX. (2025). Documentation: edgeX Insurance product overview. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^68]: edgeX. (2025). Documentation: 2x compensation - double payout on liquidation trigger. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^69]: edgeX. (2025). Documentation: Loss exposure reduction mechanism. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^70]: edgeX. (2025). Documentation: Premium-based coverage purchase. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^71]: edgeX. (2025). Documentation: eLP Vault liquidity provider overview. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^72]: Phemex. (2025, October 11). eLP Record Revenue: $3.934M single day record on major liquidation day. phemex.com, https://phemex.com/news/article/edgex-elp-vault-achieves-record-revenue-and-yield-on-major-liquidation-day-26202

[^73]: Phemex. (2025, October 11). eLP Record Yield: 3.08% single day yield record. phemex.com, https://phemex.com/news/article/edgex-elp-vault-achieves-record-revenue-and-yield-on-major-liquidation-day-26202

[^74]: Phemex. (2025, October 11). eLP Cumulative P&L: $7.434 million cumulative profit. phemex.com, https://phemex.com/news/article/edgex-elp-vault-achieves-record-revenue-and-yield-on-major-liquidation-day-26202

[^75]: PANews. (2025, December). eLP Returns: ~57% annualized return estimate. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^76]: edgeX. (2025). Documentation: Maximum 2-day redemption lock-up. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^77]: edgeX. (2025). Documentation: eLP revenue sources for liquidity providers. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^78]: edgeX. (2025). Documentation: eLP tokenized LP shares tradeable on secondary markets. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^79]: edgeX. (2025). Documentation: Epool B2B institutional asset management product. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^80]: edgeX. (2025). Documentation: edgeX Lend product overview. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^81]: edgeX. (2025). Documentation: Aave and Compound DeFi integration. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^82]: edgeX. (2025). Documentation: Telegram bot and TON ecosystem integration. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

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[^85]: CryptoRank. (2025). Mobile Integration: Prediction markets in mobile app. cryptorank.io, https://cryptorank.io/news/feed/5a8f6-edgex-polymarket-partnership-decentralized-trading

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[^87]: CryptoRank. (2025). Joint Products: Leveraged prediction product development. cryptorank.io, https://cryptorank.io/news/feed/5a8f6-edgex-polymarket-partnership-decentralized-trading

[^88]: CryptoRank. (2025). Unified Interface: Combined derivatives and prediction trading. cryptorank.io, https://cryptorank.io/news/feed/5a8f6-edgex-polymarket-partnership-decentralized-trading

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[^90]: Airdrops.io. (2025). EdgeX Points: Program history overview. airdrops.io, https://airdrops.io/edgex/

[^91]: OAK Research. (2025). Season 1: Alpha Season December 2024 - May 2025. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^92]: OAK Research. (2025). Season 2: Open Season launch June 2025. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^93]: DL News. (2025, July). Deposit Growth: Hyperliquid competitor EdgeX nabs $100M+ with 1,000%+ growth. dlnews.com, https://www.dlnews.com/articles/defi/hyperliquid-competitor-edgex-nabs-100m-with-airdrop-promise/

[^94]: DL News. (2025, July). Volume Records: $13B+ July volume, $1B+ daily peak. dlnews.com, https://www.dlnews.com/articles/defi/hyperliquid-competitor-edgex-nabs-100m-with-airdrop-promise/

[^95]: Airdrops.io. (2025). Allocation Structure: Points breakdown by activity. airdrops.io, https://airdrops.io/edgex/

[^96]: Airdrops.io. (2025). Earning Mechanics: Point earning and distribution mechanics. airdrops.io, https://airdrops.io/edgex/

[^97]: DropsTab. (2025). Token Conversion: 1:1 points to token conversion at TGE. dropstab.com, https://dropstab.com/coins/edgex-exchange

[^98]: OAK Research. (2025). NFT Rewards: Season 1 NFT tier benefits. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^99]: DropsTab. (2025). TGE Overview: Token generation event details. dropstab.com, https://dropstab.com/coins/edgex-exchange

[^100]: DropsTab. (2025). TGE Timeline: Q4 2025 expected. dropstab.com, https://dropstab.com/coins/edgex-exchange

[^101]: edgeX. (2025, October 28). Twitter: Token name vote launched. twitter.com, https://twitter.com/edgeX_exchange

[^102]: DropsTab. (2025). Token Symbol: EX speculation (unconfirmed). dropstab.com, https://dropstab.com/coins/edgex-exchange

[^103]: OAK Research. (2025). Tokenomics: Anticipated structure. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^104]: OAK Research. (2025). FDV Projection: $2-2.4B estimate at launch. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^105]: OAK Research. (2025). Points Allocation: 20-35% supply to points holders. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^106]: OAK Research. (2025). Unlocked Supply: 25% unlocked at distribution. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^107]: CoinBureau. (2025). No VC Pre-allocation: Community-first model. coinbureau.com, https://coinbureau.com/review/what-is-edgex-exchange/

[^108]: OAK Research. (2025). Unique Characteristics: Token distribution features. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^109]: edgeX. (2025). Documentation: Trading and liquidation fee structure. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^110]: DefiLlama. (2025). Fee Calculation: Revenue methodology using API data. defillama.com, https://defillama.com/fees/edgex

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[^112]: DefiLlama. (2025). Protocol Comparison: 30-day fee comparison across perp DEXs. defillama.com, https://defillama.com/fees

[^113]: PANews. (2025, December). F4 Market: Perp DEX market structure. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^114]: PANews. (2025, December). Hyperliquid Share: ~50% open interest. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^115]: PANews. (2025, December). Aster Share: ~20% open interest. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^116]: PANews. (2025, December). Lighter Share: ~10% open interest. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^117]: PANews. (2025, December). EdgeX Share: ~5.5-12% open interest. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

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[^120]: PANews. (2025, December). Vault Comparison: LP vault TVL across protocols. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^121]: L2BEAT. (2025). Protocol Risks: Smart contract and oracle risk assessment. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^122]: L2BEAT. (2025). Operational Risks: Keeper and network risk assessment. l2beat.com, https://l2beat.com/scaling/projects/edgex

[^123]: edgeX. (2025). Documentation: Market risks - counterparty and volatility details. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

[^124]: edgeX. (2025). Documentation: V2 Roadmap development features. gitbook.io, https://edgex-1.gitbook.io/edgeX-documentation

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[^129]: PANews. (2025, December). Metrics to Monitor: Key performance indicators. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^130]: DefiLlama. (2025). EdgeX Protocol Page: Official dashboard. defillama.com, https://defillama.com/protocol/edgex

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[^132]: edgeX. (2025). Official Website: Main platform. edgex.exchange, https://www.edgex.exchange/

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[^134]: GlobeNewswire. (2024, October 3). Mainnet Launch: Official announcement. globenewswire.com, https://www.globenewswire.com/news-release/2024/10/03/2957743/0/en/EdgeX-Exchange-The-Disruptor-Of-The-Centralized-Derivatives-Trading-Landscape-Launches-On-The-Mainnet.html

[^135]: PANews. (2025, December). Perp DEX Analysis: Comprehensive market analysis. panewslab.com, https://www.panewslab.com/en/articles/38a838c1-371c-4f73-a772-e43e319041b0

[^136]: OAK Research. (2025). Airdrop Guide: Perp DEX airdrop farming guide 2025. oakresearch.io, https://oakresearch.io/en/analyses/fundamentals/ultimate-guide-farming-perp-dex-airdrop-2025

[^137]: CoinBureau. (2025). Exchange Guide: Comprehensive EdgeX review. coinbureau.com, https://coinbureau.com/review/what-is-edgex-exchange/

[^138]: DL News. (2025, July). EdgeX Deposits: Coverage of $100M deposit milestone. dlnews.com, https://www.dlnews.com/articles/defi/hyperliquid-competitor-edgex-nabs-100m-with-airdrop-promise/

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Last Updated: December 31, 2025