Crypto has produced two primitives that have gained meaningful traction: memes and perps. But there is much more potential for perp DEXs. The leading perp DEXs will become multifaceted execution environments where AI agents route orders to the execution protocol that best serves each trade, whether the priority is privacy, speed, or size. Only a few platforms will capture most of the volume. Once traders know they can get the best execution on a given venue, the flywheel becomes self reinforcing as market makers go where traders are. Rather than competing for the interface like superapps, perp DEXs are becoming the liquidity layer that superapps route through and where liquidity concentrates.(Delphi Digital)