Recently, I’ve been looking at a lot of perp DEXs that already issued tokens before. Basically, this year most of them have seen massive pullbacks. Unless you cashed out at the peak, it’s pretty much been a wild rollercoaster ride—and that’s considered one of the better outcomes. For many others, it’s been a case of buying at the top, especially for those that just launched and issued tokens this year. You’re left holding the bag, and they don’t even let you ride the rollercoaster. Hype used to dominate the on-chain space almost like a monopoly, but Aster has opened up room for competitors. Even so, there are still a lot of perp DEXs stuck at the bottom, with only a few rising alongside Aster. Looking ahead, there are still many projects planning to issue tokens, and most of the new ones will likely launch at a new high valuation (since the hype is strong right now). Down the line, many people will inevitably repeat the same fate of buying new tokens at the top... In the end, only a few high-quality perp DEXs with traffic advantages or strong products will survive in the market. So, mining is still worth considering, but making long-term value investments at the top is extremely risky. Even if there’s still short-term upside, isn’t the reason so many people lose big money because they get brainwashed during the hype and go all-in on long-term investments? Prices go up, and they’re reluctant to sell. Profits shrink, and they’re still reluctant to sell. It gets close to their principal, and they still won’t sell. They’re in the red, and they still won’t sell. Step by step, they get trapped. Remember this!