New On-Chain Perps DEX 'Perpl' to Launch on Monad
Perpl, a fully on-chain perpetuals exchange, is set to launch its mainnet on the Monad network. Backed by Dragonfly, the protocol aims for direct on-chain execution to increase transparency and reduce MEV risk, differentiating it from DEXes that rely on off-chain sequencers.
Perpl's development is accelerated by a $9.25 million funding round led by Dragonfly. The round also saw participation from notable firms including Brevan Howard, Ergonia, and CMS Holdings. The exchange was founded by two Americans who relocated to the UK, citing a lack of regulatory clarity in the United States. The founders bring a background in building high-frequency trading (HFT) hardware, which informs the protocol's high-performance architecture. The choice of Monad as the base layer is critical; its parallel execution architecture is designed to handle up to 10,000 transactions per second (TPS) with 1-second finality. This level of performance is essential for supporting a fully on-chain central limit order book (CLOB), a feature that is often too slow or costly on traditional EVM chains. Unlike hybrid models that process order matching off-chain, Perpl's entire trading engine, from order placement and matching to settlement, operates directly on the Monad blockchain. This eliminates reliance on centralized sequencers, aiming to provide greater verifiability and censorship resistance. This on-chain architecture directly addresses Maximal Extractable Value (MEV) concerns like front-running and sandwich attacks. By making the order flow and matching process transparent on the public ledger, it reduces opportunities for validators or bots to reorder transactions for profit at the expense of traders. For market makers, the platform targets costs of approximately $0.0001 per post-and-cancel transaction. This low cost, enabled by Monad's high throughput, is designed to make on-chain market making economically feasible at an institutional scale, supporting deep liquidity.
