The history of perpetual contracts is essentially a history of improving liquidation efficiency. From the early days of no-expiry betting, to CFDs in the 1970s, and then to the crypto market in 2016 officially standardizing perpetual contracts, after 2018, the market has been almost entirely dominated by liquidation lines. This logic has persisted for nearly 150 years. As long as liquidation lines exist, they will eventually force liquidity. Both long and short positions can be right; the mistake lies in greed and that cold, ruthless liquidation line. True evolution doesn’t come from finding answers in market direction but from being driven by liquidations. What we need is to prioritize survival. This is also why I chose @protocol_fx and have been deeply committed to it for the long term. It’s no exaggeration to say that fx is driving a structural evolution in crypto perpetual contracts, whether centralized or decentralized. 1880–2023 marks the attribution of contract history. After 2023, fx seems more like it’s working on the attribution of the future. At least so far, I haven’t seen another protocol that can place history, reality, and the future on the same map, truly standing from the user’s perspective to find a way to survive.