When we talk about perp, what are we really discussing? 1. The era where exchange teachers tried to create a wallet/on-chain tool to solve everything is over. If you don't create on-chain liquidity, it will be snatched by other projects. Creating a wallet only provides an entry point for others. 2. Centralized exchanges choosing to openly engage in perp is beneficial for the sector but not for CEX. When a CEX openly participates, it essentially tells its core users that the sector has forward-looking potential. Users will then have to choose between a project that builds liquidity from scratch or one that has ample liquidity and has not yet issued tokens/has expectations for secondary airdrops. 3. Everyone is looking for a "Dragon Two" project. In my view, a Dragon Two needs to have a clear market positioning and a narrative that is distinct from Dragon One, such as forming a competitive narrative like an on-chain Robinhood. The best way to win is to wait for Dragon One to make a mistake rather than boastfully claiming to take down Dragon One. The incremental market is about everyone expanding the pie. 4. Brand effects are gathering momentum. If you don't build a brand/community, you will soon be eliminated. Relying on CZ to call the shots is risky; just look at the consequences of memes on BSC. It doesn't really matter who incubates it.