The decentralized exchange of perpetual contracts (Perp DEX) is experiencing internal friction and self erosion. There may be several reasons: 1. Serious homogenization Almost every new Perp DEX has similar features: high leverage, low transaction fees, liquidity mining, and point airdrops. Lack of significant differentiation leads to users chasing short-term incentives and platforms competing for users instead of expanding the overall market. 2. Motivate War Most users are actually "airdrop hunters" or "liquidity miners", not long-term loyal traders. Protocol to issue more tokens → Short term surge in trading volume → Token price decline → Incentive failure → Users transfer to the next rewarded DEX. Essentially, it is a zero sum game where each party is eroding the other's liquidity. 3. The demand for transactions has not expanded The real trading demand (people who want to hedge risks or engage in strategic trading) has not grown at the same pace. So the total market volume is similar, but new entry agreements can only rely on incentives to poach people from old agreements. This is the core of 'Cannibalizing': the cake doesn't get bigger, it's just cutting someone else's portion. 4. Lack of infrastructure and differentiation advantages A few protocols (such as @ HyperliquidX with its own L2, depth, and unique products) may establish barriers. But most of them are still deployed on the same L2 or Rollup, without a clear technological moat. The result is' you issue tokens, I issue tokens too; you earn points, I earn points too '. In the long run This track is definitely big, and HYPE will be one of the kings, at least three of them. In the short term If you haven't found ASTER, you may have the opportunity to short it and all similar 'it'. I support most of the PERP DEs and also short most of the PERP DEs because I think FDV is too dreamy. Foam is good, but In the foam market, don't wait until the boom is over to find that you are the last person who is still "high". Finally, I would like to promote various PERP DEs for you to mine airdrops lighter https://app.lighter.xyz/trade/ETH?referral=D1YQZ6EABJDC Recommendation code: D1YQZ6EABJDC pacifica https://app.pacifica.fi?referral=mrblock Recommendation code: mrblock edgeX https://pro.edgex.exchange/referral/MRBLOCK Recommendation code: MRBLOCK