Decentralized cryptocurrency trading platforms MetaMask and Infinex now offer perpetual futures through an integration with Hyperliquid, competing with centralized platforms in the fast-growing cryptocurrency trading platform.
The MetaMask and Hyperliquid integration went live on Wednesday, giving users direct access to Hyperliquid’s decentralized perpetual swap exchange through their MetaMask wallet.
MetaMask said this “major milestone” brings it one step closer to becoming an all-in-one self-custodial trading platform, as it aims to gain market share from the centralized exchanges that have dominated the crypto perpetual market.
“By embedding the Hyperliquid engine directly into the wallet and optimizing it for mobile, we (offer) a frictionless path for passive holders to become active traders,” Gal Elder, Global Product Lead at MetaMask, said in an interview with Cointelegraph.
“The opportunity is huge, and now that these barriers are being removed, there is no better time for MetaMask to bring a one-tap on-chain trading experience to its entire user base.”
Meanwhile, Hyperliquid was integrated into Infinex for beta testing a few weeks ago and attracted over $100 million in trading volume in the first four weeks. It was launched last week for Infinex retail users.
Infinex is a non-custodial decentralized finance frontend launched in mid-2024, and Hyperliquid is the most liquid decentralized PERP exchange on the market.
Decentralized PERP trading volume reaches $772 billion in September
Cryptocurrency criminals are becoming increasingly popular due to their 24/7 trading, high leverage, no expiration dates, and the ability to profit from both rising and falling markets, attracting primarily speculative traders seeking high profits with minimal holding requirements.
According to DefiLlama, decentralized PERP trading volume has recently exploded, reaching more than $772 billion last month, including a record $59.5 billion on September 25th. The Perps market is currently dominated by Hyperliquid, Aster, and Lighter.
Trends in PERP trading volume since February 2021. source: Defilama
Infinex expects to invest $100 million before launch
Infinex founder Kane Warwick told Cointelegraph that the platform had over $100 million in trading volume in the four weeks prior to the launch of the HyperLiquid integration.
Warwick said the $100 million came from about 200 early supporters of the project, known as Patrons, and selected traders.
MetaMask aims to provide users with a CEX-like experience using PERP
Interacting with on-chain criminal platforms has proven difficult for even experienced crypto traders over the years, a MetaMask executive told Cointelegraph.
“Users indicate their intent, but then they give up because the process is never simple,” Elder said, explaining that users first have to figure out which protocol to use and find a bridge that is secure, fast, and not overly costly, but then realize they can’t trade because they don’t have the native gas tokens to pay for the block space.
“(They) discovered that the protocol only accepts one particular asset, which means finding a DEX to convert it on-chain before ultimately depositing and trading,” Elder said. “For most users, that can end up leading to 30 minutes of effort, wasted fees, and a lot of anxiety that should be avoided.”
“A lot of people at Web3 have come to accept that as normal. We’re not. And we can’t do it. We think this is a huge barrier to adoption and our responsibility as wallets to solve it.”
Warwick said Synthetix, an early leader in crypto criminal trading that he founded, along with dYdX and GMX, failed to popularize criminal trading widely, adding that Hyperliquid was the first protocol to be “properly deployed” and successfully scaled.
Late last month, Warwick revealed that Synthetix would be redeployed to the Ethereum mainnet, approximately six years after transitioning to Ethereum Layer 2 optimism.
Despite uncertainty, CEX still dominates P/E
Centralized exchanges such as Binance and Bybit continue to dominate derivatives trading volume, with $93.4 billion and $31.9 billion in the past 24 hours alone, according to CoinGecko data.
By comparison, Hyperliquid, in seventh place, is the top decentralized derivatives platform, with trading volume reaching $10.3 billion during the same period.
Related: DefiLlama to delist Aster Permanent Volume Data due to integrity concerns
Warwick echoed comments from 1inch founder Sergey Kuntz last week that centralized exchanges are increasingly recognizing that DeFi on-chain is the future of the industry.
“What’s interesting is that on-chain is becoming very attractive, so centralized exchanges have to respond to that (…) Centralized exchanges are all trying to figure out what a hybrid approach to on-chain and centralized services is.”
MetaMask rolls out new rewards program
Eldar also mentioned MetaMask’s new “loyalty engine” that rewards on-chain participation such as swaps and perp trading.
Points accumulate over time, allowing users to earn better rewards through stages. MetaMask’s “Season 1” includes $30 million worth of Linea (LINEA) tokens, exclusive rate discounts, priority support, and a 12-month subscription to MetaMask’s Metal Card.
magazine: ‘Help! My robot vacuum is stealing my Bitcoin: when a smart device attacks
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
