Integrated all-in-one liquidity hub Honeypot Finance launches next-generation AMM perpetual contracts

ChainCatcher reported that Honeypot Finance, which recently completed a financing round at a valuation of $35 million, has officially launched a new generation AMM Perp DEX, introducing an innovative structural solution between the GMX and Hyperliquid models.

It is reported that Honeypot introduces the ERC-4626 layered vaults (Senior / Junior Vault) and Oracle Bands mechanism: the Senior Vault (institutional funds) is prioritized for fee allocation and takes the last loss; the Junior Vault (high-risk LP) bears the first loss and receives higher returns; the price band is centered on the Oracle price, making trading slippage linearly predictable.

The liquidation mechanism replaces "system enforcement" with "process fairness": partial position reduction → micro-auction → Junior bears pressure → insurance pool covers the bottom line → ADL is triggered last. This addresses the structural unfairness of "winner gets clipped" in Hyperliquid, while also fixing the root issue of LP counterparty bleeding in the GMX model.

The team stated that Honeypot's goal is to enable AMM perpetuals to continue trading even in extreme market conditions, providing a new direction for on-chain Perp DEX baselines through transparent, layered, and predictable mechanisms.