Cool down the perp dex Disclaimer: I am not targeting any party The current perp dex is like the cex from 2018 (it's somewhat similar to the AMM from 2021, but AMM has a lower threshold, all for issuing tokens) It's extremely hot, and the reason is simple — watching the big player Hyperliquid raking in profits, every ecosystem and fund is gathering to make a move Moreover, the big players believe that the contract trading market has enough capacity - just look at the current cex, aren't there several major exchanges standing tall? But is it really like that? 1. For perp dex trading - the Matthew effect (compared to spot trading) is very strong (HL/gmx completed the transfer of trading from cex to dex, which has eaten into a part of the trading; the rest is just an extension of cex liquidity) 2. The reason for the proliferation of cex is due to the different business models and profit methods of various types of cex; some are truly trading, some are marketing platforms, some are gambling mixers, and some are just places for deposits and withdrawals... If dex serves the purpose of trading, can it find people willing to participate? 3. The structure of most current perp dex (copying cex) has problems/risks; it's only a matter of time before something goes wrong. It's fine to inflate volume, points, and airdrops, but when it comes to crowded trading, who knows how the candlestick chart will display... And do you really think perp dex can avoid regulation? If something goes wrong, can you escape? 😂 Ask yourself, do most people go to perp dex for trading (interaction)? It's just for inflating points (some dex even thoughtfully prepared APIs and documentation for you to inflate) The rest are arbitrage (similar to the trading pairs of bn alpha) and "bounty hunters" watching the collateral After TGE, dust returns to dust, earth returns to earth, see you in the rivers and lakes👋 - and this might be the good outcome The bad part is various forms of being targeted (as mentioned before, the issue with the mechanism) Of course, I also hope to see the next HL, bringing more liquidity and gameplay to the ecosystem Keep criticizing, and you'll be PR'd.