Current perps are like the dex of the past, with various token issuance, order book AMM ecosystems, and subsidies emerging one after another. Hype is like the uni of the past, where a team of just a few people supported a market cap of tens to hundreds of billions of dollars. dex has disrupted traditional financial trading and market-making methods, requiring no KYC; you can trade with just one wallet, allowing users to form LPs themselves, enabling anyone to be a market maker, unveiling the previously mysterious market makers. The treasury of perps is also gradually becoming transparent like exchanges, where everyone invests to open a casino; if contracts lose, the treasury profits. Why should only exchanges handle the always-profitable liquidation? Hype, jup, backpack, lighter, edgex, etc., are all occupying ecological niches in the future epic tracks. The more fiercely the protocols compete, the more users benefit. To retain users and funds, they will spend money either on...
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