DexGard DEX Review | Is DexGard Legit or a Scam? The Truth About Its ‘Hybrid Matching Engine’, Fake Liquidity, and Withdrawal Risks

Project Basic Information

DexGard will release its testnet version in Singapore in October 2025. The official description is "next-generation institutional-grade perpetual contract DEX", with the goal of achieving a hybrid architecture that is compatible with centralized depth and decentralized settlement.
In its white paper and media campaign, DexGard specifically emphasized:

• Zero Funding Fee

• "Transaction fees as low as 0.01%"

• Supports multi-asset perpetual contracts, including BTC, ETH, XAU, US500, etc.

However, the project has not disclosed its actual development team, regulatory filings, or third-party security audit reports.
Compared to legitimate regulated derivatives platforms (such as dYdX, GMX, and Perpetual Protocol), DexGard lacks any on-chain verification or registration basis, raising many questions about its authenticity and security.

I. Project Architecture and Technical Logic Analysis

DexGard claims to use a "Hybrid Matching Engine" model, where transaction matching is completed on a centralized server and settlement is executed on-chain.
In theory, this structure can combine the trading efficiency of CEX with the security of DEX.
But the problem is:

1. The project did not disclose the location of the matchmaking server;

2. The on-chain contract deployment address was not verified.

3. Only one main contract published by an anonymous wallet was found in the block explorer (Etherscan / BSCScan).

This means that DexGard's "hybrid architecture" may just be marketing hype.
Its core matching mechanism remains completely centralized. After a user places an order, the asset is immediately deposited into the project's wallet, rather than being held in custody by a smart contract.
This gives the platform the same structural risk as traditional "fake DEX scams"—users do not actually control their funds.

II. Regulatory Verification Results

We searched DexGard databases from multiple regulatory agencies:

The results showed that DexGard is not a registered derivatives exchange in any country.
It also failed to meet the licensing requirements of the MAS Payment Services Act (PSA).
This means that the platform is currently operating without legal oversight , and investors will have no legal recourse in the event of disputes or financial losses.

III. Token Economics and Liquidity Design

The DexGard white paper mentions the native token GARD , which is used for:

• Transaction fee discounts;

• Profit sharing;

• DAO voting governance.

However, the token has not yet been listed on any major exchanges.
Etherscan data shows that there were only two internal transfers, and the contract deployer was the host's wallet.
There is no public circulation, no explanation of the lock-up plan, and no team allocation disclosure.
In other words, the token currently has no real market value.

DexGard also claims it will launch an "LP mining rewards program" where users can stake USDT/BTC/ETH to earn GARD tokens.
However, according to the test contract analysis, all LP funds were transferred to a single wallet address (0x93e9...bD41), which has no decentralized governance function.
This means that the so-called "LP mining" is actually users transferring funds to the project team .

IV. Actual Test of Transaction Fees and Trading Experience

You can experience BTC/USDT and ETH/USDT perpetual contract trading through the DexGard testnet interface (testnet.dexgard.io).
The order placement delay is approximately 0.5 seconds, the interface is smooth, and the leverage range is 1–100 times.
However, the order book depth is significantly different from the real market, indicating that the data is clearly virtual matching and not the result of on-chain matching.

We tested the transaction three times, and each time we tried to withdraw the profit, we received the following message:

“Settlement temporarily suspended due to liquidity synchronization.”

No transaction hashes were found during the on-chain query.
This indicates that trading profits and losses only exist in the front-end simulation environment.

Furthermore, DexGard's fee statement claims "only 0.01% fee per transaction," but the withdrawal interface shows an actual fixed fee of 10 USDT , far exceeding the market standard.

V. Early Risk Signals

According to feedback from the community and third-party platforms, DexGard has encountered the following issues:

Based on comprehensive analysis, this project exhibits the following high-risk characteristics:

1. Anonymous team, no public identities revealed;

2. Regulatory gap;

3. Fake match depth;

4. Withdrawal failed;

5. Centralized contracts.

These types of projects often attract funds with gimmicks like "DEX" and "perpetual contracts," and then shut down the front-end website to achieve a "soft exit scam."

DexGard Review | Is DexGard a Scam? A Comprehensive Analysis of Decentralized Derivatives Trading: Fee Structure and Depth Traps (Part 2)

VI. Withdrawal Verification and On-Chain Tracking

We conducted a withdrawal test on the DexGard mainnet account on October 25, 2025.
The test account has approximately 150 USDT withdrawable balance. After selecting "Withdraw to Wallet," the page displays the following message:

“Your withdrawal request is under system verification. Estimated 24 hours.”

After 24 hours, the status is still "Processing", and after another 12 hours, it will show "Request Cancelled".
We traced the hash (0x94e…b2f1) corresponding to the transaction request on the blockchain and found that no transaction record was generated at all.
In other words, DexGard's withdrawal operation did not trigger any blockchain transaction events at all.

We also discovered that the project team set a "Service Fee 10 USDT" on the withdrawal interface, which will be deducted even if the withdrawal fails.
This indicates that DexGard's withdrawal mechanism suffers from fake withdrawal execution , meaning users not only cannot withdraw their funds but also incur additional charges.

VII. On-chain analysis: Abnormally concentrated fund flows

We conducted on-chain tracking of the DexGard contract address using Arkham Intelligence and DeBank, and the results show:

• The main liquidity pool (0x93e9...bD41) holds approximately 1.27 million USDT.

• 87% of the funds flowed into an intermediary wallet called "DgRelayer";

• The wallet transferred a total of 1.1 million USDT to two CEX addresses (OKX and MEXC) 48 hours later;

• There are no records of any return flow or LP redemption.

This indicates that DexGard's so-called "deep liquidity pool" is actually just a centralized transit account for user funds.
Project teams can transfer funds to external exchanges at any time through this wallet.
This pattern is extremely similar to previously exposed fraudulent DEXs (such as ArbitX, FinMineSwap, and FlowDEX ).

8. Community Operations and "Airdrop Traps"

The most attractive part of DexGard's advertising is the "GARD airdrop event":
Users can receive a 500 GARD airdrop reward simply by connecting their wallet and staking 100 USDT.
However, users generally report:

• Airdropped tokens cannot be claimed;

• Once the wallet is authorized, the USDT will be transferred directly.

• The official Discord account immediately blocked the user after receiving a complaint.

These characteristics indicate that DexGard's airdrop mechanism is not a genuine incentive distribution, but rather a trap to lure and induce deposits of funds .
Its smart contract grants "unlimited" control over the wallet after authorization, which is almost equivalent to direct control over the user's assets.

IX. Comparison with other similar platforms

The comparison shows that, although DexGard claims to be a "decentralized derivatives trading platform,"
However, it is completely different from a true DEX—its funds are centralized, its structure is opaque, withdrawals are restricted, and there is no third-party audit.
In other words, it's just a centralized Ponzi scheme disguised as a DEX.

10. Risk Level Assessment

Overall risk score: 1.2 / 10 (Extremely high risk)

DexGard's overall architecture and performance closely resemble typical fraudulent projects.
Its concepts of "zero transaction fees, high depth, and cross-chain perpetuality" are merely marketing gimmicks, and in reality, they lack any compliance or transparency.

XI. Frequently Asked Questions (FAQ)

Q1: Is DexGard truly decentralized?
A: It's not truly decentralized; the main contract permissions are controlled by the project team.

Q2: Has the platform undergone a security audit?
A: No. The white paper claims it is "under audit," but no auditing firm has disclosed any records.

Q3: Can the funds be withdrawn?
A: In actual testing, withdrawals were unavailable, and funds for multiple users were frozen.

Q4: Is the project regulated by MAS or FSC?
A: No. The platform is not registered with any regulatory agency.

Q5: Is the TVL data accurate?
A: It's exaggerated by about a hundred times; the actual figure is less than 1% of what's claimed.

Q6: Would you recommend participating?
A: I strongly advise against it; the risk is extremely high.

XII. Conclusion

DexGard is ostensibly a "decentralized derivatives platform".
However, in-depth analysis revealed that it possesses typical characteristics of a high-risk scam:

• No regulatory filing;

• No security audit;

• Withdrawal failed;

• Fake liquidity;

• The team remains anonymous.

The platform is designed to attract funds through high returns and airdrops, and then centrally transfer user assets.
This project is not currently listed in any recognized DeFi security databases (DeFiLlama, Certik, DappRadar).
Therefore, DexGard is highly likely to be a short-term, fake DEX scam project , and investors are advised to avoid participating or withdraw their funds immediately.

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