🧐 The Era of 4 Million Assets on Base: Issuance is Booming, but Market Structure Hasn't Caught Up (Why I Started to Seriously Look at RollX v2 @rollxfi)

One intuitive feeling I have from this round of Base is: a lot of noise but little action,

which means it's not that there are few opportunities, but rather that there are too few places that can be called a market.

For a long time, new assets have been born on BASE every day, with an astonishing density of narratives, and the speed of token issuance has even surpassed most people's ability to "understand what they are doing."

However, when you actually start trading, you will find an increasingly obvious problem:

BASE has created countless assets, but it has not created enough "markets to support them."

I feel this is not an issue with a specific project, but rather a systemic problem after Base entered the "million-level asset era": when the number of assets was in the tens of thousands or hundreds of thousands, AMM + fragmented liquidity could barely support it;

But when the number of assets reaches 4 million+, what is truly scarce is no longer "issuance capability," but rather—

Who will set the prices?

Who will provide depth?

Who will take on the hedging?

Who will upgrade "short-term trading events" into a "long-term capital market"?

So after seeing @rollxfi's RollX v2, I feel this problem might be solved, not because it is another PerpDEX, but because its construction is suitable for addressing the most underestimated yet most critical layer of issues facing Base right now:

Does Base have the capability to give birth to a true "core market structure layer"?

If not, Base may forever be just a "super token issuance factory";

If so, what it needs is not more applications, but a leap at the market structure level: a "Hyperliquid moment" for Base: from issuance to hedging, everything on-chain, self-custodied, without sacrificing CEX-level experience (speed, depth, transparency).

Let me elaborate:

1️⃣ Why I Care More About RollX v2: It is not "just another Perp," but rather the structural answer to "next-generation PerpDEX";

RollX v2 aims to become the liquidity and risk engine of the Base ecosystem,

with a clear entry point: using three things to push PerpDEX from "can trade" to "more like a capital market."

Let's take a look at its technical architecture:

1) Institutional-Level Order Book:

CLOB is not a function, but a determinant of "liquidity formation":

Many people see CLOB as a difference in UI/trading model, but to me, it is more like a threshold of market maturity.

AMM is very suitable for early launches: simple, easy to cold start, easy to pile up TVL, but once assets move towards the long tail, volatility increases, and the demand for hedging and market making rises, the problems of AMM will be magnified:

A. Fragmented liquidity: scattered across countless small pools;

B. Quotes and hedging cannot be finely controlled: inventory risk for market makers is hard to manage;

C. When volatility hits, depth collapses quickly, and spreads widen instantly.

The significance of CLOB is that it allows liquidity to "aggregate," enabling market makers to provide precise two-sided quotes, predictable matching, and run complex inventory management strategies. In simpler terms: you can feel the depth, you can sense the spread, and price discovery feels more "continuous" rather than "jumping."

This is also why I prefer to see RollX v2 as an attempt at a "structural layer," rather than a new product.

2) Unified Account:

Transforming spot + contracts from "disconnected" to "one system"

I have always felt that the biggest waste in DeFi trading experience is the fragmentation of funds:

A. Spot in one system;

B. Contracts in another system;

C. Margin, risk engine, and position management are disconnected.

However, if everyone really observes trading, they will find that truly professional trading relies not on "higher leverage," but on "smoother risk cycles and hedging systems": discovering prices with spot, hedging with contracts, managing basis, rolling positions, and managing margin efficiency.

RollX v2's Unified Account uses the same account system, the same margin pool, and the same risk engine, making spot and contracts no longer two isolated tables.

I believe this is particularly important for Base:

Because the asset universe of Base is too long-tailed, long-tail assets are most afraid of "thin liquidity + lack of hedging tools." If spot and contracts are not unified, market makers will find it difficult to quote and hedge in a timely manner using the same set of funds, and spreads will naturally be forced to widen.

3) Universal Collateral:

Turning TVL from "lying idle" to "working"

Many protocols like to flaunt TVL, but: can this TVL be converted into productivity? The idea of universal collateral in RollX v2 aims not just to let stablecoins serve as margin, but to gradually convert more asset types (including potentially future LSTs, RWAs, yield-bearing assets, etc.) into usable collateral, so that funds do not have to be cut and idled between multiple systems.

When "collateral" becomes universal, a qualitative change will occur in the market:

Margin is no longer static deposits, but the fuel that drives trading, market making, hedging, and risk transfer.

2️⃣ Base Token Issuance Expectations: The Golden Opportunity of RollX v2

First, let’s talk about the expectations for Base's token issuance:

Coinbase has hinted that it will issue a Base token by the end of 2025, which could be the biggest narrative of this cycle.

Even without discussing token issuance, the trading demand on Base is structurally rising—more assets, greater volatility, and stronger hedging needs mean that the importance of Perps will only increase.

If Base really welcomes "a larger narrative and influx of liquidity," the common script seen in history is often:

1) Funds will seek out "the most core trading and pricing venues";

2) Those who truly benefit from the ecosystem are not just those who shout the loudest, but those who can handle scale, provide price discovery, and risk transfer;

3) Native liquidity hubs often become "the toll booths of the ecosystem" and "the default entry points for funds."

I think this can be understood like this: token issuance is fireworks, but pricing venues are the crossroads that traders must pass through every day. The short-term heat will pass, but the "crossroads" will remain.

RollX v2 positions itself as "the native liquidity engine of Base," and I think this positioning is at least correct: it is not betting on a short-term concept or a narrative, but rather on the infrastructure that Base will inevitably need as it enters the capital markets stage.

Historical patterns tell us: when every major public chain issues tokens, native DEXs are the biggest beneficiaries (think of Arbitrum's GMX/Camelot, Solana's Jup/Ray).

3️⃣ RollX v1 Has Already Passed Market Validation, v2 Feels More Like an "Upgrade"

I am naturally cautious about many new protocols, but the data from RollX v1 can be referenced:

163,254+ traders;

Cumulative trading volume of $20B+;

On-chain liquidity in the tens of millions of dollars;

You can understand this as: market demand has been proven, v2 is not "from nothing to something," but rather "from usable to scalable."

4️⃣ Ecological Value: Perpification of Everything

For Base, RollX v2 should be of great importance.

Issuers benefit: native hedging tools to prevent severe price fluctuations; users enjoy CEX experience under self-custody.

What Base needs to ensure is—

The entire ecosystem upgrades: liquidity does not leak out, capital circulates within Base: transforming Base from a token factory into an on-chain financial stronghold.

5️⃣ If you are also observing RollX v2, you can first do two low-cost things:

v2 Waitlist (core entry): https://app.rollx.trade/trade-v2

If interested, you can check the rules yourself, but don’t get too caught up in incentives,

The focus is still on whether the product can deliver "market results."

This is not investment advice.

Contract trading is highly risky, please be sure to bear the risk yourself and DYOR.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。