Chinese DeFi Platform SunPerp Flourishes Despite Crypto Ban, Reaches $3.6B in Trading Volume

SunPerp, a decentralized perpetual futures trading platform known in China as Sun Wukong, has recorded over $3.6 billion in trading volume. This milestone suggests a possible change in how Chinese traders are engaging with crypto, even as the region maintains strict regulations, according to

. Launched on October 9, the exchange is built on the blockchain and has since added support for , BNB Chain, and . It utilizes a combination of on-chain settlement and off-chain order matching. The platform’s Chinese-language interface and features such as zero trading fees have drawn more than 10,000 users during its public testing, with trading volumes reaching $900 million in that phase.

The rise of SunPerp demonstrates the strength of decentralized finance (DeFi) in regions where centralized exchanges are under increased scrutiny. Its non-custodial design, use of multiple oracles, and liquidation safeguards appeal to users seeking alternatives to conventional finance. The testnet period showed the platform’s scalability, and there are plans to add more tokens and enhance cross-chain support. This growth comes as more Chinese traders opt for decentralized solutions to bypass restrictions on centralized crypto services.

The increase in trading volume also highlights SunPerp’s strategic role within the DeFi sector. By prioritizing self-custody through multisig wallets and taking advantage of TRON’s low transaction costs, the platform addresses key concerns for individual investors. Nevertheless, regulatory uncertainty persists, as China’s comprehensive crypto ban could affect both user confidence and market liquidity. Experts point out that while decentralized platforms offer more independence, they must adapt to changing regulatory requirements to ensure sustainable growth.

SunPerp’s achievements reflect a broader movement in DeFi, where user-centric protocols are transforming access to financial markets. As the platform looks to grow further, its success will depend on its ability to scale while remaining flexible in the face of regulatory changes, helping it stay ahead in a fast-changing industry.