Bluefin DEX - Exchange Review

Bluefin DEX operates on the Sui blockchain as a hybrid spot and derivatives platform. Backed by notable investors and market makers, it delivers both spot trading and perpetual futures, aiming for high throughput, low latency, and on-chain compliance.

Big picture and ambition

Originally conceived as a high-performance perpetual DEX, Bluefin evolved to include retail-access spot AMM, cross-chain liquidity, and planned aggregator tools - all while positioning itself as both regulated and permissionless.

Trading volume and protocol metrics

24-hour DEX volume sits around 99 million USD
7-day volume is near 842 million USD
30-day volume is just under 3 billion USD

These figures place Bluefin among the most active DEXs in the Sui ecosystem, with real liquidity and strong trading activity.

Token stats and TVL

The native BLUE token trades around 0.074 USD, with a market cap of about 22-23 million USD and a fully diluted valuation near 75 million USD. Total Value Locked across the protocol is roughly 179 million USD, which reflects healthy usage relative to token value.

Security, governance and support

Bluefin claims to use audits by top firms, integrated threat monitoring, and risk management via third-party services. However, full public access to audit reports is limited. Liquidity is supported by well-known market makers, and a regulated version is planned for 2025. Current terms may restrict access for users in some regions.

What works, what doesn’t

Pros:

Strong daily and monthly trading volumes with deep liquidity
Balanced mix of spot and derivatives products
Tokenomics tied to staking and LP incentives through revenue sharing
Institutional backing and partial audit infrastructure

Cons:

Limited transparency on reserves and insurance
Audit details and governance information not fully open to the public
Growth is tied to the overall success of the Sui chain
Regulatory clarity is lacking outside select jurisdictions

Final thoughts

Bluefin is one of the few on-chain perpetual DEXs combining scale, liquidity, and serious investor support. It holds a strong position in the Sui ecosystem, but challenges remain in governance openness and audit transparency. For those considering interaction, it is worth reviewing staking conditions, liquidity parameters, and access restrictions before trading or investing.