Edgex initially seemed like a regular perp dex, so I didn't use it. But one feature I learned about later made me look deeper into the project.

Didn't find info on the website, LinkedIn either. There's RootData and Cryptorank.

From Cryptorank we learn the following:

• Kevin Wang - co-founder

• Shun - Head of Partnerships

• TraderX - Core Contributor

• rui - Core Contributor

• sodam - Contributor

Links to X were incorporated into the names.

I don't see the point in evaluating the Tweets themselves: they rarely indicate professionalism or lack thereof.

In RootData:

KF:

Here he is also listed as a co-founder of edgeX, but there is almost no other information. No previous projects, professional background, or area of responsibility within the product are provided. Social metrics also look moderate: 1.3K followers.

Although I checked: 344 posts - that's quite a lot. And he writes actively:

Activity in likes, replies, and retweets is also present for all or most posts (although not much of it).

TraderX:

This is a core contributor and head of the Asia Pacific direction. However, there is no data on past experience, specialization, or achievements, making it impossible to assess their contribution and level.

Sodam:

He performs the role of Head of Korea Market and is designated as a community manager. His profile is more related to community development and regional growth, rather than development or product. Knowledge of several languages is indicated, which is useful for expanding into Asian markets. At the same time, he has a more noticeable presence in X, which may indicate involvement in the crypto community, but this does not replace confirmed professional experience.

Only 3 participants, 2 of whom are not related to development - not good.

X @edgeX_exchange:

51.4K subscribers is quite a lot. 462 posts. The last one at the time of writing the article was 22 minutes ago (actively writing).

In the account, I mainly see the positioning of the project and an explanation of its concept.

A lot about infrastructure: how edgeX is arranged, why a separate execution layer is needed and why current solutions are not suitable for trading. Plus, periodically dissects topics of liquidity, stability, and on-chain trading in general.

There are also project news, but they are presented more through the prism of strategy and development, rather than just as announcements.

According to Sorsa, score 737 (Tier 3. Credible):

Projects that have signed up include Polymarket, CoinMarketCap, DegenerateNews, StarkWareLtd (this is cool because they are built on this technology), MilkRoad.

Funds include neo, capitalgrug, Meta_Cartel, GBV Capital, Kanosei Ventures, and others.

According to Moni, Moni Score 4147 (Level: 5. Medium, +3 per day):

There are 357 smart contracts,

Activity in Discord is also good:

That's the announcements I showed.

In the feedback yesterday, they wrote:

But overall, rarely: up to the 12th.

The main thing is that my questions were answered quickly and almost correctly (they gave not links to the docs, but to another site, but still good):

In the main chat, people actively write and answer questions:

In the Ru chat too:

Active well-developed community.

Rating 4 out of 5: the team exists, but there are few public participants (co-founder and 4 contributors, and they seem not in the technical field). I couldn't assess the founder's experience before Edgex.
But the social networks are active, they answer questions correctly and extremely quickly! I was even surprised when I got a response within 10-20 minutes after the message, if not faster.

They have documentation and white paper.

The concept was written based on them.

Docs:

Whitepaper:

edgeX is a Perp DEX with an order book, but the key idea is deeper: it's not just an exchange, but a separate execution layer for trading.

The project solves a specific problem: ordinary blockchains are not well suited for derivatives due to sequential execution and a common state where everyone competes for resources. As a result, delays and speed limitations appear.

In the whitepaper, this is described as an "infrastructure gap": there is already demand for derivatives, but the current infrastructure cannot handle the processing speed and volume of operations.

edgeX's solution is to create a specialized execution layer just for trading. That is, not a "DEX on top of a chain", but a "chain for a DEX".

They call this a feature, but essentially the same thing was in Dydx or Hyperliquid. We'll find out if this is the case later.

V1 is an MVP with basic functionality: order book, perp contracts, subaccounts, cross-chain deposits. At the same time, the architecture is immediately designed for scaling and adding new products.

1. Execution layer architecture
   edgeX separates execution and finalization. Trades are processed quickly within the system, and the final state is published to Ethereum. This provides high speed while maintaining verifiability.

2. Logic separation
   The logic is divided into two environments: one handles trading, the other handles standard DeFi. This reduces resource competition and makes the system more stable.

3. Parallel execution
   Transactions are not processed one by one.

4. Different markets work independently, so operations in BTC and ETH do not interfere with each other. This allows the system to scale almost linearly as resources grow.
   This, in my opinion, is interesting if it is indeed implemented this way.

5. Predictable execution
   The system knows in advance which data each transaction will affect. This avoids conflicts and re-execution, which is important for stable speed.

6. FlashLane
   Transactions are divided by priority: trader actions are processed separately from heavy operations like withdrawals or management. This reduces delays at critical moments.

7. The system provides almost instant preliminary confirmation of the operation. This allows traders to act immediately without waiting for final confirmation.

8. Security and verifiability
   Any participant can reproduce the calculations and verify the correctness of the state. This maintains the principle of "don't trust, verify".

9. Performance
   Up to 20,000 transactions per second are claimed when scaling and low order execution latency.

There is alsoAPI documentation - this is important, but I will not consider it within the concept.

There is no direct competitor analysis in the documentation.

There is only a description of the problem:

• current solutions work slowly
  My comment: not true. Again, Hyperliquid, Lighter are fast.

• sequential execution limits scalability

• universal chains are not well suited for trading

This is a technical justification, not a market analysis.

No:

• comparisons with other Perp DEX

• demand assessment

• user analysis

1. Using StarkEx
   Base - proven infrastructure with a volume of over $1.3 trillion and over 200,000 users. This reduces technological risk.

2. Performance
   Up to 20,000 transactions per second and low latency in order execution.

3. Oracle layer
   Uses Stork: over 35 DEXs, over 2000 assets, and over $300 billion in volume. This is important for correct liquidations.

4. eStrategy
   Income is generated from commissions, liquidations, and AMM operation.
   There is a withdrawal limit of up to 2 days.
   Liquidity providers essentially become counterparties to traders.
   Similar to HLP and LLP.

5. UX solutions
   Up to 20 subaccounts, login via email (MPC), platform covers gas for transactions. This lowers the entry barrier.

They depend on the trading volume over the last 30 days and are updated daily.

Standard model is used:

• maker adds liquidity

• taker takes it

The higher the trading volume, the lower the commissions (tiered system).

Additionally:

• volumes per subaccount are summed

• The platform takes on gas for executing transactions

For deposits:

• No commission, user only pays gas in the network

For withdrawals:

• In Ethereum - only gas

• In other chains - 0.1% (minimum 1 USD)

It's bad that specific trading commission figures are not provided - this is a minus for the documentation.

1. Liquidation
   Position is liquidated when margin drops to the minimum level. Oracle price is used to reduce manipulation risk.

2. Liquidity and volatility risk
   eStrategy states that returns depend on market conditions. Losses are possible with high volatility and insufficient liquidity.

3. Withdrawal delay risk
   Withdrawing funds can take up to 14 hours (Ethereum) due to batching and verification.

4. Cross-chain operation risk
   When withdrawing to other chains, a liquidity pool is used, so the amount may be limited by available liquidity.

5. Operational risks
   Although the system is non-custodial, there is a dependency on the L2 operator. This is partially mitigated by the possibility of forced withdrawal.

Rating 3 out of 5: no analysis of demand and competitors. In terms of concept, this is a standard Perp DEX, with almost no new ideas. The strong point is parallel processing of markets (BTC and ETH do not block each other) - I liked that.

There is in the docs tokenomics of EDGE:

And MARU:

Details below.

Total supply - 1 billion.

1. 25% - initial distribution. Specific categories are not described.

2. up to 5% - campaign until TGE,

3. 25% - core contributors (team + early participants). This is > 10% - bad, as it can contribute to pressure in the absence of demand or its weakness.

4. 10% - fund. If this is also for the team in essence, not for DAO - even worse. If for the community - okay.

5. 35% - ecosystem - depending on who will be funded. If to those who sell immediately - bad. If to long-term holders and project creators on Edgex - good.

Unlok: part immediately, part 24 hours after TGE,

team with 2-year lock and vesting for another 2 years. Such restrictions allow to be calm at least at the beginning, but unlocking 250 million $EDGE over 24 months - about 10.5 million = 1.05% per month (too much).

Investors are not separately allocated - this reduces the transparency of distribution.

Utilities are not described - this is bad.

Separate token with supply 10 billion. In essence - a meme coin.

70% - incentives and airdrop, 20% - liquidity, 10% - team.

this is a community token for retail traders. Does not provide clear utility, used as an XP booster and user engagement element.

XP - points for activity before TGE.

Distributed weekly, up to 5% of supply allocated for the campaign. TGE is expected by the end of March.

There are multipliers: mobile trading gives 1.2x, holding MARU gives up to +15%, referrals give up to +10%. Multipliers can be combined.

There is no exact formula.

According to Cryptorank, Amber Group and Circle Ventures have invested in Edgex - this is significant:

Rootdata confirms the data.

Rating 3 out of 5: tokenomics exist, but 25% for core contributors and undisclosed amount for investors reduces transparency and creates sell pressure risk. Utilities are not described. There are investments from Amber Group and Circle Ventures, but no amount specified.

It is closed.

But there are audits in the documentation:

There are several audits, but they cover different parts of the system, and not the entire project as a whole.

RigSec (2024) - already outdated, as 2 years have passed.

Smart contracts were audited (deposits, withdrawals, MPC logic).

Conclusion:

• 0 critical

• 0 high

• 1 medium

• 2 low

• 1 informational

Main issues:

• risk when using 1inch router for deposit (contract executes user-provided data without verification, can call unexpected functions)

• signatures do not comply with EIP-712

• issues with permit for USDT

• outdated testnet checks

All issues confirmed and recommendations provided.
No audit status "Fixed" but I think changes have been implemented over 2 years.

SlowMist (2025)

More recent audit, contract and architecture review.

Conclusion:

• 1 medium

• 3 low

• 1 suggestion

• 1 informational

• overall risk level: medium

Key points:

• risk of excessive rights (upgrade governor can update the contract)

• risk of centralization (signers)

• replay attacks on signatures

• DoS via permit

All identified issues:

• acknowledged (accepted by the team, but not necessarily all fixed)

PeckShield (StarkEx)

This is not an audit of edgeX itself, but of the underlying technology (StarkEx).

Conclusion:

• 0 critical

• 0 high

• 0 medium

• 3 informational

In essence:

• only code recommendations

• no serious vulnerabilities

Important: this reduces infrastructure risk, but does not guarantee the security of edgeX as a product.

There are links to Etherscan / contracts, for example:

• https://etherscan.io/address/0xc0a1a1e4af873e9a37a0cac37f3ab81152432cc5

• https://arbiscan.io/address/0xceeed84620e5eb9ab1d6dfc316867d2cda332e41

• есть ссылка на GitHub только у StarkEx (PeckShield аудит):

• https://github.com/starkware-libs/starkex2.0-contracts

Смарт-контракты верифицированы - я проверил (код есть).

Оценка 2 из 5: есть аудиты (2024-2025 года) и адреса контрактов, но публичного GitHub edgeX нет, код основной системы закрыт. Есть только аудит и открытый код базовой технологии (StarkEx), при этом нет подтверждения, что найденные проблемы полностью исправлены.

Есть мобильное приложение на Android и IOS (beta). Но сейчас я рассматривать их не буду - особо не люблю.

Хотя не могу не напомнить, что за торговлю в них дают больше поинтов.

Переходим в web PRO по этой ссылке:

We immediately see a plus - the interface is in Russian!

"Connect wallet":

You can log in using email by entering your email address and sending it. But I chose the wallet.

They ask to confirm agreement:

I click "Agree and continue".

Now here's what annoys me, because every time you enter the browser, you have to resend requests, despite the checked box "Remember me". They should fix this so that you can conveniently use the site for at least a month:

I click "Send requests" and sign the messages. Make sure they are multi-line and more or less understandable, not just one line with 0x...

They immediately write congratulations 🙂:

"View details" redirects to the information page. Naturally, it's the initial level for now, but I'll show it right away - we won't come back to VIP later:

On the market page, we look for the deposit:

"Deposit": is located above the "Download" link. I opened it:

I will change the network to Arbitrum and the token to USDC by clicking the buttons.

Here's how the token changes:

Similarly for the network. But since I chose USDC, it immediately changed to Arbitrum (the only one available for this asset). I also entered the maximum amount:

Click "Enable USDC" for approval.
IMPORTANT: do not allow all possible amounts, but only the one planned for deposit. In case of a hack, there may be significant losses.

So, the confirmation button is now available:

"Confirm deposit" and confirm in the wallet. It's important that this is the MultiSigPoolV5WithPermit contract - not immediately a storage or account = there are standard multisig risks.

Done:

We can proceed to trading.

It's standard. On the position page, we see the option to select a token with the ability to add to favorites - that's cool!

Maximum leverage - 10X.

Let's click on BTCUSD:

You can select a tab and search for the token (I did this simultaneously on the screenshot below):

By the way, note that the first tab is favorites. You can select what you trade more actively, and they will be in one place without having to search.

I'll move on to XAUT:

As everywhere, there is a chart, as well as an order book and positions / my orders.

Below the positions will be the trading form.

By default, cross (if needed, switch to isolated) and 10X (clicked on this button):

Changed to 5X and clicked "Confirm".

By clicking "In 1 end" we can change the position mode:

This is also a cool feature.

But mine didn't change - possibly due to one account without subaccounts.

You can switch to limit (default is market order):

Or to stop-limit:

Other order types are also available:

For example, ladder orders (most interesting for many traders). This is another cool feature that I haven't seen much on DEXes:

But the downside is that you can't set stop and take-profit immediately here.

I will choose the standard - market:

As you can see, I marked TP / SL. But they are empty for now.
Because there are no percentages! It's much less convenient without them.

I set it from bold, but it's so hard to calculate profit and loss in percentages:

I click "Buy / Long", but it doesn't allow:

It says the minimum order is 105 USD.

I chose 10X:

They ask to confirm:

It's bad that there's no liquidation price here either.

But I click "Confirm Buy":

As you can see, the position has appeared.

In the 11th column, you can click the first button and view TP / SL:

And add more, as I understand.

The second one immediately offers to add more:

Here with percentages, and this is great! I set a loss of -5%.

The last one allows closing at the limit and market - standard. Screenshot "Market":

Profit or loss is immediately visible - convenient.

Statistics:

• Deposited 17.47 USDC, now 17.37

• Now 17.3044 - that's 0.0656 USD

Within the loss. That's great, because sometimes the commission eats up much more on some decentralized exchanges.

There is ETH/USDC:

And MARU/USD:

That's all the spot markets for now.

There is a chart, order book, and assets. Below them is the buy or sell form.

It's cool that there is a limit, market, stop-limit, and stop-market. Unfortunately, there is no ladder order yet, nor TP/SL when creating an order - I don't understand why. But this question applies to all spot dexes...

As you can see, 0 USDC. Click "Transfer":

By default, the score prediction was selected, but I need a spot since I'm on the spot - it's strange that it doesn't automatically determine. I chose:

Minimum 10 USDC. I'll have to wait, as this is blockchain.

They ask to confirm:

I do this by clicking "Confirm Buy":

As you can see, it appeared in the balances.

I might be able to see PNL, but for now, these columns are empty.

And here it is after refreshing:

The downside is that there is no "Trade" button (I checked on the page for trading another token).

I sell by clicking "Sell":

In the limit, you can specify the price, quantity, and type (GTC by default):

Stop-limit:

I think the essence is clear: everything is convenient.

By the way, with the "Withdraw" button, you can withdraw an asset:

By default USDC, but you can choose another asset (but most are not yet traded):

Only the following networks are available:

Commission is 1 USD.

This is something many are implementing. Including Edgex:

That's how it sometimes happens, unfortunately...

From the main account, I managed to open:

It's convenient that you can filter by many parameters. I, for example, selected crypto and monthly:

Search results can even be viewed:

Let me choose Solana up or down:

You can add to favorites - convenient.

But the volume is funny in 24 hours ($ 8). Although this may be due to the recent launch in the web version - I don't know. See for yourself.

There is also an order book, and below it - buy or sell.

I am translating to a predictive account:

Only when I entered again, there was already a lock...:

So I won't be able to show it. But the main thing is that I managed to demonstrate the page itself - and that's good.

There are protocol and other (not yet launched, as far as I understand, or the deposit is limited).

I'll click "View details":

Here you can make a deposit:

I have already completed:

Withdrawal:

Takes 2 days. Also click on "Transfer now":

It's inconvenient that the balance is only displayed after refreshing the page.

In the history, we see both deposits and withdrawals:

I'll start with the portfolio:

On "XP" - statistics with information:

Or the rating:

There are even tasks for beginners:

On the "Earn" page, you can get your referral link and change, view statistics of all rewards:

Clicked "Configure" on the link:

Confirmation:

Here. Now a clear link with articler.

You can also become a messenger, but you need to be really cool for that:

"Messenger" page:

Information + rating + ability to apply.

Points:

Description, ability to go to the invitation and to replenish for trading.

Reward Center:

Here about different companies and rewards for them.

"epic" - NFT:

You can stake if you have:

Well, there are information points, like a help center - I won't consider them.

Clicking on the address opens:

There is a UID (needed for support and rewards), but you can also go to the account:

For some reason, they don't count the storage, but it's understandable why - it's a separate entity. Although then it would be better to display it here.

You can create a sub-account:

Had to sign 2 more messages...

Done:

In the API management, you can view L2 keys for accounts. The downside is that you cannot separately get read-only:

This creates an unnecessary risk when using account notification information services.

Rating 3 out of 5: the interface is generally convenient, and even in Russian - that's a plus!
But prediction markets are unavailable on some IPs (either VPN is blocked, or a bug) - cannot be used.
Plus, there are no stop-losses and take-profits on the spot, but I haven't seen this from any perp dex.
Another plus - on perpetual futures, there is a ladder order and trading in both directions.
As for execution speed: not instantaneous, but not slow either. About 2-5 seconds, although I didn't count.

• Team: 4 out of 5: there is a team, but few public participants (co-founder and 4 contributors, and they don't seem to be in the technical field). I couldn't assess the founder's experience before Edgex.
  But social media is active, they answer questions correctly and extremely quickly! I was even surprised when I got a response within 10-20 minutes of sending a message, if not faster.

• Concept: 3 out of 5: no demand and competitor analysis. In terms of concept, this is a regular Perp DEX, almost without new ideas. A strong point - parallel processing of markets (BTC and ETH don't block each other) - I liked that.

• Coin: 3 out of 5: tokenomics exist, but 25% core contributors and not disclosed how much investors have - this reduces transparency and creates pressure risk. Utilities are not described. There are investments from Amber Group and Circle Ventures, but without the amount.

• Code: 2 out of 5: there are audits (2024-2025) and contract addresses, but there is no public GitHub edgeX, the core system code is closed. Only the audit and open-source code of the underlying technology (StarkEx) are available, with no confirmation that the identified issues have been fully fixed.

• Practice: 3 out of 5: the interface is generally convenient, and even in Russian - that's a plus!
  But prediction markets are unavailable on some IPs (either VPN is blocked, or a bug) - cannot be used.
  Plus, there are no stop-losses and take-profits on the spot, but I haven't seen this from any perp dex.
  Another plus - on perpetual futures, there is a ladder order and trading in both directions.
  Another problem - every time I open the browser, a request to sign 2 messages pops up, even though I checked "Remember me".
  As for execution speed: not instantaneous, but not slow either. About 2-5 seconds, although I didn't count = my wish list.

Overall score: 15 out of 25.

The project is interesting, but I wouldn't use it as the main decentralized exchange: it's too raw.

Subscribe to https://t.me/blind_dev - there is new analytics, posts about me and my developments.

Edgex initially seemed like a regular perp dex, so I didn't use it. But one feature I learned about later made me look deeper into the project.

Didn't find info on the website, LinkedIn either. There's RootData and Cryptorank.

From Cryptorank we learn the following:

• Kevin Wang - co-founder

• Shun - Head of Partnerships

• TraderX - Core Contributor

• rui - Core Contributor

• sodam - Contributor

Links to X were incorporated into the names.

I don't see the point in evaluating the Tweets themselves: they rarely indicate professionalism or lack thereof.

In RootData:

KF:

Here he is also listed as a co-founder of edgeX, but there is almost no other information. No previous projects, professional background, or area of responsibility within the product are provided. Social metrics also look moderate: 1.3K followers.

Although I checked: 344 posts - that's quite a lot. And he writes actively:

Activity in likes, replies, and retweets is also present for all or most posts (although not much of it).

TraderX:

This is a core contributor and head of the Asia Pacific direction. However, there is no data on past experience, specialization, or achievements, making it impossible to assess their contribution and level.

Sodam:

He performs the role of Head of Korea Market and is designated as a community manager. His profile is more related to community development and regional growth, rather than development or product. Knowledge of several languages is indicated, which is useful for expanding into Asian markets. At the same time, he has a more noticeable presence in X, which may indicate involvement in the crypto community, but this does not replace confirmed professional experience.

Only 3 participants, 2 of whom are not related to development - not good.

X @edgeX_exchange:

51.4K subscribers is quite a lot. 462 posts. The last one at the time of writing the article was 22 minutes ago (actively writing).

In the account, I mainly see the positioning of the project and an explanation of its concept.

A lot about infrastructure: how edgeX is arranged, why a separate execution layer is needed and why current solutions are not suitable for trading. Plus, periodically dissects topics of liquidity, stability, and on-chain trading in general.

There are also project news, but they are presented more through the prism of strategy and development, rather than just as announcements.

According to Sorsa, score 737 (Tier 3. Credible):

Projects that have signed up include Polymarket, CoinMarketCap, DegenerateNews, StarkWareLtd (this is cool because they are built on this technology), MilkRoad.

Funds include neo, capitalgrug, Meta_Cartel, GBV Capital, Kanosei Ventures, and others.

According to Moni, Moni Score 4147 (Level: 5. Medium, +3 per day):

There are 357 smart contracts,

Activity in Discord is also good:

That's the announcements I showed.

In the feedback yesterday, they wrote:

But overall, rarely: up to the 12th.

The main thing is that my questions were answered quickly and almost correctly (they gave not links to the docs, but to another site, but still good):

In the main chat, people actively write and answer questions:

In the Ru chat too:

Active well-developed community.

Rating 4 out of 5: the team exists, but there are few public participants (co-founder and 4 contributors, and they seem not in the technical field). I couldn't assess the founder's experience before Edgex.
But the social networks are active, they answer questions correctly and extremely quickly! I was even surprised when I got a response within 10-20 minutes after the message, if not faster.

They have documentation and white paper.

The concept was written based on them.

Docs:

Whitepaper:

edgeX is a Perp DEX with an order book, but the key idea is deeper: it's not just an exchange, but a separate execution layer for trading.

The project solves a specific problem: ordinary blockchains are not well suited for derivatives due to sequential execution and a common state where everyone competes for resources. As a result, delays and speed limitations appear.

In the whitepaper, this is described as an "infrastructure gap": there is already demand for derivatives, but the current infrastructure cannot handle the processing speed and volume of operations.

edgeX's solution is to create a specialized execution layer just for trading. That is, not a "DEX on top of a chain", but a "chain for a DEX".

They call this a feature, but essentially the same thing was in Dydx or Hyperliquid. We'll find out if this is the case later.

V1 is an MVP with basic functionality: order book, perp contracts, subaccounts, cross-chain deposits. At the same time, the architecture is immediately designed for scaling and adding new products.

1. Execution layer architecture
   edgeX separates execution and finalization. Trades are processed quickly within the system, and the final state is published to Ethereum. This provides high speed while maintaining verifiability.

2. Logic separation
   The logic is divided into two environments: one handles trading, the other handles standard DeFi. This reduces resource competition and makes the system more stable.

3. Parallel execution
   Transactions are not processed one by one.

4. Different markets work independently, so operations in BTC and ETH do not interfere with each other. This allows the system to scale almost linearly as resources grow.
   This, in my opinion, is interesting if it is indeed implemented this way.

5. Predictable execution
   The system knows in advance which data each transaction will affect. This avoids conflicts and re-execution, which is important for stable speed.

6. FlashLane
   Transactions are divided by priority: trader actions are processed separately from heavy operations like withdrawals or management. This reduces delays at critical moments.

7. The system provides almost instant preliminary confirmation of the operation. This allows traders to act immediately without waiting for final confirmation.

8. Security and verifiability
   Any participant can reproduce the calculations and verify the correctness of the state. This maintains the principle of "don't trust, verify".

9. Performance
   Up to 20,000 transactions per second are claimed when scaling and low order execution latency.

There is alsoAPI documentation - this is important, but I will not consider it within the concept.

There is no direct competitor analysis in the documentation.

There is only a description of the problem:

• current solutions work slowly
  My comment: not true. Again, Hyperliquid, Lighter are fast.

• sequential execution limits scalability

• universal chains are not well suited for trading

This is a technical justification, not a market analysis.

No:

• comparisons with other Perp DEX

• demand assessment

• user analysis

1. Using StarkEx
   Base - proven infrastructure with a volume of over $1.3 trillion and over 200,000 users. This reduces technological risk.

2. Performance
   Up to 20,000 transactions per second and low latency in order execution.

3. Oracle layer
   Uses Stork: over 35 DEXs, over 2000 assets, and over $300 billion in volume. This is important for correct liquidations.

4. eStrategy
   Income is generated from commissions, liquidations, and AMM operation.
   There is a withdrawal limit of up to 2 days.
   Liquidity providers essentially become counterparties to traders.
   Similar to HLP and LLP.

5. UX solutions
   Up to 20 subaccounts, login via email (MPC), platform covers gas for transactions. This lowers the entry barrier.

They depend on the trading volume over the last 30 days and are updated daily.

Standard model is used:

• maker adds liquidity

• taker takes it

The higher the trading volume, the lower the commissions (tiered system).

Additionally:

• volumes per subaccount are summed

• The platform takes on gas for executing transactions

For deposits:

• No commission, user only pays gas in the network

For withdrawals:

• In Ethereum - only gas

• In other chains - 0.1% (minimum 1 USD)

It's bad that specific trading commission figures are not provided - this is a minus for the documentation.

1. Liquidation
   Position is liquidated when margin drops to the minimum level. Oracle price is used to reduce manipulation risk.

2. Liquidity and volatility risk
   eStrategy states that returns depend on market conditions. Losses are possible with high volatility and insufficient liquidity.

3. Withdrawal delay risk
   Withdrawing funds can take up to 14 hours (Ethereum) due to batching and verification.

4. Cross-chain operation risk
   When withdrawing to other chains, a liquidity pool is used, so the amount may be limited by available liquidity.

5. Operational risks
   Although the system is non-custodial, there is a dependency on the L2 operator. This is partially mitigated by the possibility of forced withdrawal.

Rating 3 out of 5: no analysis of demand and competitors. In terms of concept, this is a standard Perp DEX, with almost no new ideas. The strong point is parallel processing of markets (BTC and ETH do not block each other) - I liked that.

There is in the docs tokenomics of EDGE:

And MARU:

Details below.

Total supply - 1 billion.

1. 25% - initial distribution. Specific categories are not described.

2. up to 5% - campaign until TGE,

3. 25% - core contributors (team + early participants). This is > 10% - bad, as it can contribute to pressure in the absence of demand or its weakness.

4. 10% - fund. If this is also for the team in essence, not for DAO - even worse. If for the community - okay.

5. 35% - ecosystem - depending on who will be funded. If to those who sell immediately - bad. If to long-term holders and project creators on Edgex - good.

Unlok: part immediately, part 24 hours after TGE,

team with 2-year lock and vesting for another 2 years. Such restrictions allow to be calm at least at the beginning, but unlocking 250 million $EDGE over 24 months - about 10.5 million = 1.05% per month (too much).

Investors are not separately allocated - this reduces the transparency of distribution.

Utilities are not described - this is bad.

Separate token with supply 10 billion. In essence - a meme coin.

70% - incentives and airdrop, 20% - liquidity, 10% - team.

this is a community token for retail traders. Does not provide clear utility, used as an XP booster and user engagement element.

XP - points for activity before TGE.

Distributed weekly, up to 5% of supply allocated for the campaign. TGE is expected by the end of March.

There are multipliers: mobile trading gives 1.2x, holding MARU gives up to +15%, referrals give up to +10%. Multipliers can be combined.

There is no exact formula.

According to Cryptorank, Amber Group and Circle Ventures have invested in Edgex - this is significant:

Rootdata confirms the data.

Rating 3 out of 5: tokenomics exist, but 25% for core contributors and undisclosed amount for investors reduces transparency and creates sell pressure risk. Utilities are not described. There are investments from Amber Group and Circle Ventures, but no amount specified.

It is closed.

But there are audits in the documentation:

There are several audits, but they cover different parts of the system, and not the entire project as a whole.

RigSec (2024) - already outdated, as 2 years have passed.

Smart contracts were audited (deposits, withdrawals, MPC logic).

Conclusion:

• 0 critical

• 0 high

• 1 medium

• 2 low

• 1 informational

Main issues:

• risk when using 1inch router for deposit (contract executes user-provided data without verification, can call unexpected functions)

• signatures do not comply with EIP-712

• issues with permit for USDT

• outdated testnet checks

All issues confirmed and recommendations provided.
No audit status "Fixed" but I think changes have been implemented over 2 years.

SlowMist (2025)

More recent audit, contract and architecture review.

Conclusion:

• 1 medium

• 3 low

• 1 suggestion

• 1 informational

• overall risk level: medium

Key points:

• risk of excessive rights (upgrade governor can update the contract)

• risk of centralization (signers)

• replay attacks on signatures

• DoS via permit

All identified issues:

• acknowledged (accepted by the team, but not necessarily all fixed)

PeckShield (StarkEx)

This is not an audit of edgeX itself, but of the underlying technology (StarkEx).

Conclusion:

• 0 critical

• 0 high

• 0 medium

• 3 informational

In essence:

• only code recommendations

• no serious vulnerabilities

Important: this reduces infrastructure risk, but does not guarantee the security of edgeX as a product.

There are links to Etherscan / contracts, for example:

• https://etherscan.io/address/0xc0a1a1e4af873e9a37a0cac37f3ab81152432cc5

• https://arbiscan.io/address/0xceeed84620e5eb9ab1d6dfc316867d2cda332e41

• есть ссылка на GitHub только у StarkEx (PeckShield аудит):

• https://github.com/starkware-libs/starkex2.0-contracts

Смарт-контракты верифицированы - я проверил (код есть).

Оценка 2 из 5: есть аудиты (2024-2025 года) и адреса контрактов, но публичного GitHub edgeX нет, код основной системы закрыт. Есть только аудит и открытый код базовой технологии (StarkEx), при этом нет подтверждения, что найденные проблемы полностью исправлены.

Есть мобильное приложение на Android и IOS (beta). Но сейчас я рассматривать их не буду - особо не люблю.

Хотя не могу не напомнить, что за торговлю в них дают больше поинтов.

Переходим в web PRO по этой ссылке:

We immediately see a plus - the interface is in Russian!

"Connect wallet":

You can log in using email by entering your email address and sending it. But I chose the wallet.

They ask to confirm agreement:

I click "Agree and continue".

Now here's what annoys me, because every time you enter the browser, you have to resend requests, despite the checked box "Remember me". They should fix this so that you can conveniently use the site for at least a month:

I click "Send requests" and sign the messages. Make sure they are multi-line and more or less understandable, not just one line with 0x...

They immediately write congratulations 🙂:

"View details" redirects to the information page. Naturally, it's the initial level for now, but I'll show it right away - we won't come back to VIP later:

On the market page, we look for the deposit:

"Deposit": is located above the "Download" link. I opened it:

I will change the network to Arbitrum and the token to USDC by clicking the buttons.

Here's how the token changes:

Similarly for the network. But since I chose USDC, it immediately changed to Arbitrum (the only one available for this asset). I also entered the maximum amount:

Click "Enable USDC" for approval.
IMPORTANT: do not allow all possible amounts, but only the one planned for deposit. In case of a hack, there may be significant losses.

So, the confirmation button is now available:

"Confirm deposit" and confirm in the wallet. It's important that this is the MultiSigPoolV5WithPermit contract - not immediately a storage or account = there are standard multisig risks.

Done:

We can proceed to trading.

It's standard. On the position page, we see the option to select a token with the ability to add to favorites - that's cool!

Maximum leverage - 10X.

Let's click on BTCUSD:

You can select a tab and search for the token (I did this simultaneously on the screenshot below):

By the way, note that the first tab is favorites. You can select what you trade more actively, and they will be in one place without having to search.

I'll move on to XAUT:

As everywhere, there is a chart, as well as an order book and positions / my orders.

Below the positions will be the trading form.

By default, cross (if needed, switch to isolated) and 10X (clicked on this button):

Changed to 5X and clicked "Confirm".

By clicking "In 1 end" we can change the position mode:

This is also a cool feature.

But mine didn't change - possibly due to one account without subaccounts.

You can switch to limit (default is market order):

Or to stop-limit:

Other order types are also available:

For example, ladder orders (most interesting for many traders). This is another cool feature that I haven't seen much on DEXes:

But the downside is that you can't set stop and take-profit immediately here.

I will choose the standard - market:

As you can see, I marked TP / SL. But they are empty for now.
Because there are no percentages! It's much less convenient without them.

I set it from bold, but it's so hard to calculate profit and loss in percentages:

I click "Buy / Long", but it doesn't allow:

It says the minimum order is 105 USD.

I chose 10X:

They ask to confirm:

It's bad that there's no liquidation price here either.

But I click "Confirm Buy":

As you can see, the position has appeared.

In the 11th column, you can click the first button and view TP / SL:

And add more, as I understand.

The second one immediately offers to add more:

Here with percentages, and this is great! I set a loss of -5%.

The last one allows closing at the limit and market - standard. Screenshot "Market":

Profit or loss is immediately visible - convenient.

Statistics:

• Deposited 17.47 USDC, now 17.37

• Now 17.3044 - that's 0.0656 USD

Within the loss. That's great, because sometimes the commission eats up much more on some decentralized exchanges.

There is ETH/USDC:

And MARU/USD:

That's all the spot markets for now.

There is a chart, order book, and assets. Below them is the buy or sell form.

It's cool that there is a limit, market, stop-limit, and stop-market. Unfortunately, there is no ladder order yet, nor TP/SL when creating an order - I don't understand why. But this question applies to all spot dexes...

As you can see, 0 USDC. Click "Transfer":

By default, the score prediction was selected, but I need a spot since I'm on the spot - it's strange that it doesn't automatically determine. I chose:

Minimum 10 USDC. I'll have to wait, as this is blockchain.

They ask to confirm:

I do this by clicking "Confirm Buy":

As you can see, it appeared in the balances.

I might be able to see PNL, but for now, these columns are empty.

And here it is after refreshing:

The downside is that there is no "Trade" button (I checked on the page for trading another token).

I sell by clicking "Sell":

In the limit, you can specify the price, quantity, and type (GTC by default):

Stop-limit:

I think the essence is clear: everything is convenient.

By the way, with the "Withdraw" button, you can withdraw an asset:

By default USDC, but you can choose another asset (but most are not yet traded):

Only the following networks are available:

Commission is 1 USD.

This is something many are implementing. Including Edgex:

That's how it sometimes happens, unfortunately...

From the main account, I managed to open:

It's convenient that you can filter by many parameters. I, for example, selected crypto and monthly:

Search results can even be viewed:

Let me choose Solana up or down:

You can add to favorites - convenient.

But the volume is funny in 24 hours ($ 8). Although this may be due to the recent launch in the web version - I don't know. See for yourself.

There is also an order book, and below it - buy or sell.

I am translating to a predictive account:

Only when I entered again, there was already a lock...:

So I won't be able to show it. But the main thing is that I managed to demonstrate the page itself - and that's good.

There are protocol and other (not yet launched, as far as I understand, or the deposit is limited).

I'll click "View details":

Here you can make a deposit:

I have already completed:

Withdrawal:

Takes 2 days. Also click on "Transfer now":

It's inconvenient that the balance is only displayed after refreshing the page.

In the history, we see both deposits and withdrawals:

I'll start with the portfolio:

On "XP" - statistics with information:

Or the rating:

There are even tasks for beginners:

On the "Earn" page, you can get your referral link and change, view statistics of all rewards:

Clicked "Configure" on the link:

Confirmation:

Here. Now a clear link with articler.

You can also become a messenger, but you need to be really cool for that:

"Messenger" page:

Information + rating + ability to apply.

Points:

Description, ability to go to the invitation and to replenish for trading.

Reward Center:

Here about different companies and rewards for them.

"epic" - NFT:

You can stake if you have:

Well, there are information points, like a help center - I won't consider them.

Clicking on the address opens:

There is a UID (needed for support and rewards), but you can also go to the account:

For some reason, they don't count the storage, but it's understandable why - it's a separate entity. Although then it would be better to display it here.

You can create a sub-account:

Had to sign 2 more messages...

Done:

In the API management, you can view L2 keys for accounts. The downside is that you cannot separately get read-only:

This creates an unnecessary risk when using account notification information services.

Rating 3 out of 5: the interface is generally convenient, and even in Russian - that's a plus!
But prediction markets are unavailable on some IPs (either VPN is blocked, or a bug) - cannot be used.
Plus, there are no stop-losses and take-profits on the spot, but I haven't seen this from any perp dex.
Another plus - on perpetual futures, there is a ladder order and trading in both directions.
As for execution speed: not instantaneous, but not slow either. About 2-5 seconds, although I didn't count.

• Team: 4 out of 5: there is a team, but few public participants (co-founder and 4 contributors, and they don't seem to be in the technical field). I couldn't assess the founder's experience before Edgex.
  But social media is active, they answer questions correctly and extremely quickly! I was even surprised when I got a response within 10-20 minutes of sending a message, if not faster.

• Concept: 3 out of 5: no demand and competitor analysis. In terms of concept, this is a regular Perp DEX, almost without new ideas. A strong point - parallel processing of markets (BTC and ETH don't block each other) - I liked that.

• Coin: 3 out of 5: tokenomics exist, but 25% core contributors and not disclosed how much investors have - this reduces transparency and creates pressure risk. Utilities are not described. There are investments from Amber Group and Circle Ventures, but without the amount.

• Code: 2 out of 5: there are audits (2024-2025) and contract addresses, but there is no public GitHub edgeX, the core system code is closed. Only the audit and open-source code of the underlying technology (StarkEx) are available, with no confirmation that the identified issues have been fully fixed.

• Practice: 3 out of 5: the interface is generally convenient, and even in Russian - that's a plus!
  But prediction markets are unavailable on some IPs (either VPN is blocked, or a bug) - cannot be used.
  Plus, there are no stop-losses and take-profits on the spot, but I haven't seen this from any perp dex.
  Another plus - on perpetual futures, there is a ladder order and trading in both directions.
  Another problem - every time I open the browser, a request to sign 2 messages pops up, even though I checked "Remember me".
  As for execution speed: not instantaneous, but not slow either. About 2-5 seconds, although I didn't count = my wish list.

Overall score: 15 out of 25.

The project is interesting, but I wouldn't use it as the main decentralized exchange: it's too raw.

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