The world’s first Chinese decentralized contract exchange, Sun Wukong, has seen its trading volume surge to more than $3.6 billion less than a month after its launch.
Summary
- Sun Wukong, the world’s first Chinese-branded decentralized perpetual exchange, has recorded over $3.65 billion in trading volume and 35,600 active users less than a month after its Oct. 9 launch.
- The platform’s rapid growth underscores renewed crypto interest among Chinese investors despite the mainland’s trading ban, as Hong Kong emerges as a regional digital-assets hub amid calls for looser regulations.
According to data from the platform’s main site, Sun Wukong generated a trading volume amounting to $3.65 billion as of Nov. 4. The number is impressive considering the platform had just been launched less than a month ago, specifically on Oct. 9. Since then, the number of active users have reached 35,600 addresses.
At the moment, the top asset pairs being traded on the platform include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Hyperliquid (HYPE), and SUI (SUI). BTCUSDT alone has contributed $35.18 million in daily trading volume, while ETHUSDT is not far behind with a trading volume of $34.88 million.
Within the past 24 hours, the platform has accumulated $145.5 million in trading volume, indicating large demand from a mostly Chinese investor pool. Meanwhile, crypto trading is still banned in the region since 2021.
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However, recent advancements in the stablecoin industry and wider decentralized finance has led to lawmakers urging the Chinese government to ease their strict grip over crypto. In fact, experts have been pushing for Hong Kong and China to join forces in advancing cryptocurrency.
Although China has maintained its ban on crypto trading, it has allowed for the Hong Kong special administrative region to develop itself into a regional crypto hub. While Hong Kong continues to strengthen its status as a center for digital assets, China has been advancing in digital finance through the expansion of digital payment systems and the integration of artificial intelligence technologies.
However, both regions are still trailing behind other Asian countries in terms of crypto adoption. According to data from Chainalysis, India leads the region in retail and institutional crypto activity, followed by Vietnam in third place. In comparison, Hong Kong and China rank 17th in retail centralized service value received.
Though with the rise of trading on Sun Wukong, it could be an early indication that Chinese traders are gravitating towards crypto despite the region-wide ban.
What is Sun Wukong?
Established on Oct. 9, Sun Wukong DEX the first native decentralized perpetual futures exchange in the TRON (TRON) ecosystem. Although it is known widely under the brand name SunPerp, it is launched under the Chinese brand name Sun Wukong.
The platform supports trading of perpetual futures and swaps in a non-custodial, decentralized environment. Some of the features offered by the platform include zero trading gas fees, a hybrid structure that combines on-chain settlement with off-chain order matching, and support for perpetual futures and swap contracts with leverage.
The platform has an interface that is localized for the Chinese-speaking market, hence why it is described as the world’s first Chinese-branded decentralized perpetual contracts exchange.
Although the platform was initially launched on TRON, the platform has expanded its support for other major chains like Ethereum, BNB Chain (BNB), and Arbitrum (ARB). In addition, Sun Wukong implements multi-oracle systems, liquidation protections, and self-custody via multisig.
During its public test phase, Sun Wukong reportedly had more than 10,000 users and a trading volume that reached $900 million.
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