EdgeX Surges Past $100M in Deposits Amid Airdrop Frenzy

EdgeX Explodes in Popularity with Airdrop Campaign

Another decentralized perpetual futures exchange, edgeX, is experiencing a surge in popularity, mirroring the success of sector leader Hyperliquid. The protocol’s appeal stems from its airdrop campaign, designed to reward users with points convertible to tokens.

A Hyperliquid Success Story

Hyperliquid’s previous airdrop campaign generated considerable buzz, rewarding early users with millions of dollars. This success paved the way for competitors like edgeX, a Layer 2 blockchain platform focused on perpetual futures trading.

Exponential Growth

EdgeX has witnessed remarkable growth in July, with deposits skyrocketing over 1,000% to surpass $100 million. This surge is largely attributed to the “edgeX Open Season,” the second iteration of its points program. The initiative rewards users with points based on trading volume, referral volume, and overall platform engagement.

Launched in August 2024, edgeX recorded a peak trading volume of $13.5 billion in November. However, deposits subsequently dwindled to below $5 million, while trading volume slumped to $1.4 billion by January 2025.

Points Mean Prizes

The introduction of "edgeX Open Season" in June marked a turning point. Deposits jumped 64% from February lows, exceeding $12 million, while trading volume increased 87% to over $8 billion.

This momentum continued into July, with deposits surging tenfold to over $110 million and fees reaching almost $6 million. The platform has facilitated approximately $13 billion in perpetual futures trading volume this month.

NFTs and Future Perks

The platform’s first points program, "edgeX Points Alpha Season," launched in December, proved less successful in attracting users. Instead of a direct token airdrop at the end of the first season, edgeX opted to distribute the final tranche of points and announce a second incentives campaign involving NFTs.

These NFTs are awarded to high-volume traders, referral program participants, and dedicated community members. NFT holders are expected to receive edgeX tokens and enjoy benefits such as a 35% rebate on perpetual futures trades, a perk that's similar to fee discounts offered by centralized exchanges like Binance.

Key Takeaways:

• EdgeX deposits have surged past $100 million due to an airdrop campaign.
• The platform's growth mirrors the success of Hyperliquid, which had a lucrative airdrop last year.
• EdgeX is rewarding users with NFTs for trading volume and referrals, offering future token allocation and other benefits.