Integrated All-in-One Liquidity Hub Honeypot Finance Launches Next-Generation AMM Perpetual Contracts

ChainCatcher news, recently completed financing with a valuation of $35 million, [Honeypot Finance](https://www.rootdata.com/zh/Projects/detail/Honeypot Finance?k=MTE0MTY= "DeFi hub on Berachain") officially launched a new generation AMM Perp DEX, proposing a new structural solution between the two major models GMX and Hyperliquid.

It is reported that Honeypot introduces ERC-4626 layered vaults (Senior / Junior Vault) and an Oracle Bands mechanism: Senior Vault (institutional funds) prioritizes fee allocation and bears the final loss; Junior Vault (high-risk LP) bears the initial loss and receives higher returns; the price band is centered around the Oracle price, with linear and predictable trading slippage.

The liquidation mechanism replaces "systemic enforcement" with "process fairness": partial reduction → micro-auction → Junior under pressure → insurance pool backstop → ADL finally triggered, addressing the structural unfairness of Hyperliquid's "winner gets liquidated" while fixing the root cause of LP counterparty bleeding in the GMX model.

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