Trading volume at Sun Wukong, the world’s first Chinese decentralized contract exchange, soared to more than $3.6 billion in less than a month after its launch.
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- Sun Wukong, the world’s first Chinese-branded decentralized perpetual exchange, has logged over $3.65 billion in trading volume and 35,600 active users in less than a month since its launch on October 9th.
- The platform’s rapid growth, despite the mainland’s trading ban, highlights growing interest in new cryptocurrencies among Chinese investors as Hong Kong emerges as a regional digital asset hub amid calls for deregulation.
According to data on the platform’s main site, Sun Wukong generated a trading volume of $3.65 billion as of November 4. This number is impressive considering the platform was just launched less than a month ago, specifically on October 9th. Since then, the number of active users has reached 35,600 addresses.
Currently, the top asset pairs traded on the platform include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), HyperLiquid (HYPE), and SUI (SUI). BTCUSDT alone contributed a daily trading volume of $35.18 million, while ETHUSDT was not far behind with a trading volume of $34.88 million.
Within the past 24 hours, the trading volume on the platform reached $145.5 million, indicating strong demand from mainly Chinese investors. Meanwhile, virtual currency transactions will continue to be prohibited in this region from 2021 onwards.
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However, recent advances in the stablecoin industry and widespread decentralized finance have led lawmakers to urge the Chinese government to loosen its tight grip on cryptocurrencies. In fact, experts are calling for Hong Kong and China to cooperate in the development of cryptocurrencies.
Although China maintains a ban on crypto trading, it has allowed the Hong Kong Special Administrative Region to develop as a regional crypto hub. While Hong Kong continues to strengthen its position as a center for digital assets, China is advancing digital finance through the expansion of digital payment systems and the integration of artificial intelligence technologies.
However, both regions still lag behind other Asian countries in terms of cryptocurrency adoption. According to Chainalysis data, India leads the region in retail and institutional cryptocurrency activity, followed by Vietnam in third place. By comparison, Hong Kong and China rank 17th in terms of receipts for retail centralized services.
However, the increase in Sun Wukong trading could be an early sign that Chinese traders are gravitating towards the cryptocurrency despite the region-wide ban.
What is Son Goku?
Sun Wukong DEX was founded on October 9th and is the first native decentralized perpetual futures exchange in the TRON (TRON) ecosystem. It is widely known by the brand name SunPerp, but is sold under the Chinese brand name Sun Wukong.
The platform supports trading perpetual futures and swaps in a non-custodial, decentralized environment. Features offered by the platform include zero trading gas fees, a hybrid structure that combines on-chain settlement and off-chain order matching, and support for leveraged perpetual futures and swap contracts.
The platform has a localized interface for Chinese-speaking markets, which is why it is said to be the world’s first Chinese-branded decentralized perpetual contract exchange.
The platform initially launched with TRON, but has expanded support for other major chains such as Ethereum, BNB Chain (BNB), and Arbitrum (ARB). Additionally, Sun Wukong implements a multi-oracle system, liquidation protection, and multisig self-custody.
During the public testing phase, Sun Wukong reportedly had more than 10,000 users and a trading volume of $900 million.
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