The recent moves by dYdX have me thinking more and more that there's something to it—it's quietly rewriting the boundaries of how CeFi and DeFi operate. Look at those big exchanges now, shouting about decentralization, but when it comes to the hardcore battlefield of derivatives, which one isn't secretly using centralized engines? dYdX, on the other hand, has directly turned its $1.49 trillion trading volume in on-chain perpetual contracts into "infrastructure," and in the future trading ecosystem, CeFi should manage the flow, while DeFi handles the settlement. Why is it @dYdX that gets to eat this piece of cake? Three words: hardcore enough. Depth is substantial: $1.49 trillion in trading volume isn't just fabricated; market makers and institutions have already voted with real money. Technology is wild: on-chain order books can achieve millisecond-level matching, far superior to some half-baked "on-chain derivatives." The stance is fierce: the V4 version has completely become independent, not even relying on Ethereum, clearly aiming to be the AWS of the derivatives space. Now, even what's more impressive is the ecological positioning: For users: using DeFi seamlessly within a CeFi app, with low slippage and no fear of rug pulls. For exchanges: saving millions in development costs while instantly gaining top-tier trading depth. For dYdX itself: every additional partner is a free liquidity flywheel.