【edgeX, to put it simply, is a "market amplifier"】
1. First, look at the data
TVL: $161.59M
OI: $1.13B (directly crushing TVL)
30-day trading volume: $77.97B
Annual fees: $266.37M
Annual income: $193.55M
What does this mean?
Not much capital, but extremely high leverage, trading is very active
2. Profitability
Income conversion rate: ≈ 72%
Profit margin: ≈ 60%+
The conclusion is simple:
This project is not without value, it just makes too much money
3. But here comes the problem
Q4 2025: Income $155.81M (peak)
Q1 2026: Income $70.94M
Directly halved:
Income ↓ 54%
Profit ↓ 52%
What does this indicate?
It has started to "cool down"
4. The trend is already very clear
2025: Soaring
Q4: Peak stage
2026: Obvious decline
Current state:
From growth → fluctuation → even weakening
5. Don't misinterpret the essence
The essence of edgeX is:
Orderbook perpetual contract DEX
Not DeFi wealth management
Not value accumulation
It is:
An "on-chain exchange" that relies on trading volume for sustenance
6. Advantages vs Risks
Advantages:
Can make money, high profits, real trading exists
Risks:
1. Market sensitivity (if the market cools, it directly cools down)
2. Low TVL, weak capital stickiness
3. Income has already started to decline
4. The competition is extremely intense (dYdX / Hyperliquid / GMX / Aevo)
To put it bluntly:
There is no absolute moat
7. Core conclusion
What is edgeX?
High profitability + high volatility + strong cyclical project
8. How to play?
Suitable for:
Short-term / Swing / Sentiment trading
Not suitable for:
Long-term holding / Bear market holding on
9. The most straightforward statement
It is not a value project, it is a traffic business
Market hot: Printing machine
Market cold: Profit shrinkage
In summary, a stronger statement:
For this type of project, what you need to do is not "faith",
But —
Make money along with it when it is making money.
#DEX $EDGE
