There are already many centralized exchanges (CEXs) and decentralized exchanges (DEXs) for trading perpetuals. Why another exchange?
First, the Phezzan team believes the value of DEX over CEX. It is common for CEXs to bail and run. Just last year, founders of Africrypt (the largest CEX in Africa) ran away with $3.6 billion of user assets. Not your key, not your crypto.
Perpetual DEXs constitute only a very small portion of market share. On 04/22/22, the daily trading volume of dYdX (the largest perpetual DEX) only constitutes 0.5% of total daily perpetual trading volume. The Phezzan team believes one day perpetual DEXs will overtake the market dominance of perpetual CEXs.
Second, the Phezzan team believes there are so much more value to add to existing perpetual DEXs.
Phezzan Protocol will democratize perpetual trading for all. The Phezzan team believes DeFi is for the masses, not just for a chosen few. Many DEXs have $100M of daily trading volumes, but there are ~200 users and most of them are bots. Phezzan Protocol will be designed and built as a DEX for average people, not just for established firms and whales. For this, a testnet will be launched on zkSync 2.0, where the best trading speed and lowest gas fee is available without sacrificing security.
Phezzan Protocol will include coins retail investors love to trade. Also, the Phezzan Protocol includes and AMM, so retail investors can contribute to liquidity pool and earn yield.
The Phezzan team knows our V1 is far from a great DEX. But this is merely our first draft. We will iterate our DEX for V2, V3... with above convictions, long with and for the great community of Phezzanians like you.