The competition among Perp DEXs in the past two years has basically revolved around three things: fees, leverage, and token listing speed. But in the next phase, the real competition might not be about trading itself, but about capital itself. In most trading platforms, users' funds are actually fragmented: some are used as margin; some sit idle in accounts waiting for opportunities; and some are transferred to other platforms to earn yields. The reason funds move back and forth between different scenarios is mainly because capital flows to where quality assets are. The collaboration between GRVT @grvt_io and @centrifuge this time feels like a transformation for DEXs to some extent. GRVT is positioning itself from being just a Perp DEX to becoming an on-chain wealth platform. Centrifuge is backed by institutional-grade RWA infrastructure, has received strategic investment from Coinbase, and has issued over $1.8 billion in assets to date. Tokens like JTRSY, a tokenized U.S. Treasury fund, essentially bring the low-risk yield layer of traditional finance onto the blockchain. If, in the future, a DEX account balance can simultaneously support trading, collateral, yield generation, and RWA exposure, then the definition of an exchange becomes much more diversified. I’m optimistic about this kind of transformation. I really agree with what CEO @hong_grvt said: A DEX can also create a unified compounding balance experience that connects earning, investing, and trading. One Balance. Infinite Productivity.