The competition of Perp DEX in the first two years was basically focused on three things: transaction fees, leverage, and the speed of listing new coins.

However, the real battle in the next stage may not be about trading itself, but about the capital itself.

In most trading platforms, users' funds are actually fragmented: a portion is used for margin; a portion lies in the account waiting for opportunities; and a portion has to be transferred to other platforms to earn returns.

The reason funds move back and forth between different scenarios is mainly because high-quality assets attract capital.

The collaboration between GRVT @grvt_io and @centrifuge feels like a transformation of DEX to some extent, as GRVT is transitioning from being a Perp DEX to an on-chain wealth platform.

Centrifuge is backed by institutional-level RWA infrastructure, secured strategic investment from Coinbase, and has issued over 1.8 billion dollars in assets. Tokens like JTRSY essentially move the low-risk income layer from traditional finance to the blockchain.

If in the future a DEX account balance can simultaneously support trading, collateral, returns, and RWA exposure, then the definition of exchanges will diversify, and I am optimistic about this kind of transformation in the future.

I strongly agree with what CEO @hong_grvt said: DEX can also create a single compound balance experience that connects earning, investing, and trading.

One Balance. Infinite Productivity.

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