The reason Binance succeeded is that it attracted a large number of Chinese-speaking customers early on (spillover from the 94 incident). As for perp DEX, I think it has already failed. At best, it's just resource-backed competition between Aster and Hyperliquid. Maybe Hype will keep winning. Trading/points systems that rely on wash trading to sell tokens will see diminishing marginal profits as purchasing power within the market weakens. When everyone is hyping '1 token = 50U, cost = 25U,' it’s very likely you’ll end up with just 2U in hand. The oversaturation of perp DEX will kill everyone’s enthusiasm. In the future, no one will bother with wash trading anymore. Once a strategy has been played out over a cycle, it’s done. If you chase after others’ leftovers and try to copy their strategy, chances are, you’ll fail.