Post

Is it time for another flippening? 👀 The competition in RWA perpetuals is starting to reveal an interesting trend. @OndoPerps: $220M in 24-hour perpetual volume across 28 markets @Lighter_xyz: $196M across 76 markets With fewer than half the listings, Ondo is generating more trading volume within the same asset class—stocks, forex, commodities, and indices. The broader landscape looks like this: @tradexyz dominates with roughly 79% of open interest and 78% of trading volume, leaving the remaining platforms competing for market share. @Aster_DEX: 108 markets, $93M in 24-hour volume. OndoPerps: 28 markets, $220M in 24-hour volume. For now, a focused listing strategy appears to be working. Concentrating liquidity into a smaller number of high-demand markets can create deeper order books and better execution than spreading liquidity across hundreds of thinly traded markets. That said, this dynamic may not last forever. These platforms aren't just competing with each other—they're also competing with traditional financial derivatives markets. Over time, long-term leaders may need to expand far beyond a few dozen listings. The challenge won't simply be listing 500+ markets, but doing so while maintaining deep liquidity and efficient execution. At the moment, Ondo appears to be winning the early phase with quality over quantity. The next stage of competition will likely be about combining broad market coverage with strong liquidity. Source: @DefiLlama #CXMTDebutShockwave #FOMCRateWatch