Key Highlights
- EdgeX saw its TVL jump past $500M and daily fees spike as traders flocked to its fast, high-efficiency platform.
- Even after a TVL dip, EdgeX kept 29% net growth, showing strong user trust and capital retention.
- Active trading and incentives pushed fees over $2M daily, proving performance drives user engagement on De-Fi platforms.
EdgeX, an Ethereum layer-2 blockchain, is currently leading the decentralized finance (DeFi) perpetual futures market, surpassing Tron and Hyperliquid in 24-hour chain fees. This shift suggests growing interest in high-efficiency networks.
As per Altemis data, EdgeX generated over $1.3 million in chain revenue in the past 24 hours. It was followed by Tron with $1.1 million and Hyperliquid with $1 million. Leading blockchains like Solana, Ethereum, BNB Chain, and Polygon were positioned in the list from third to fifth place.
EdgeX’s total value locked (TVL) rose from about $270 million in late October to just over $500 million by mid-November. However, the surge didn’t last—by December, TVL had slipped back to roughly $350 million. Even with this decline, the platform still recorded a net gain of about 29% over the period, showing that a significant portion of capital remained in the system.
Market data further shows user costs on EdgeX having big swings, hitting between $3 million and $3.5 million per day during busy trading periods in November. After that, costs fell sharply to around $500,000 daily as trading activity slowed.
Revenue moved in a similar way, falling about a third over two months. It began around $1.5 million per day, briefly topped $2.5 million, then dropped below $500,000 by late December before recovering slightly to about $1 million by year-end.
Surge drivers and user activity
The recent rise in fees at EdgeX is due to the increasing trading volumes, the addition of new users to the platform, and the hype around airdrop. The platform has a system optimized for perpetual trading, which is bringing a high level of activity on the platform.
Notably, the EdgeX team is also moving from a perpetual DEX to the EDGE Chain and has entered an open beta phase. A pre-token launch campaign is currently distributing XP rewards weekly until the token generation event, expected by March 31. The program tracks user activity on the platform during this period.
TVL and fee trends
Further, data from DeFiLlama illustrates how EdgeX has grown from a small protocol to a high-activity platform. The TVL experienced a flat start to the year but a remarkable jump in the middle of the year, peaking at just under $500 million in November. The period of growth signifies heavy capital influx and user trust. The TVL, however, subsequently fell to $356 million in early 2026.
Fees followed the trend in TVL, but with more pronounced movements. Initial minimalist fees jumped considerably in line with increases in TVL, reaching a peak between $4 million and $5 million in September-November. Fees subsequently dropped, mirroring decreased trading activities.
Despite the fluctuations, annualized fees are currently $388.6 million, while annualized revenue amounts to $237.3 million. Trading volume for the last 30 days is $92.7 billion, while open interest is nearly $977 million.
Market competition and perspective
While competition among perpetual platforms intensifies, Hyperliquid remains the dominant Perp DEX despite volume declines. Its trading share fell from 45% to 8%, largely due to Aster’s short-term spike.
In his analysis, DeFi and crypto analyst Patrick Scott termed Aster’s rally an “anomaly” of sticky incentives, not sticky preference. He said Hyperliquid’s long-term edge has to do with sticking users to the platform through its quality, profitable operations, and sustained revenue, not through giveaways.
EdgeX’s fee surge signals a shift toward high-efficiency decentralized exchanges. Rising TVL and active fees highlight growing user confidence. While competition remains intense, both EdgeX and Hyperliquid show that innovative platforms can capture significant market share through performance, engagement, and incentives.
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