Last night, a buddy in the group got wrecked by slippage and totally lost it: 'I pay tuition fees to exchanges every day, can I just start my own DEX and collect fees instead?' I thought he was drunk, but then he sent me a screenshot: you can spin up a perp DEX in minutes, even set up cross-chain swaps with one click. As a dev, I was stunned: this... this isn’t just a tool, it’s turning 'starting an exchange' into a replicable business model. Now @OrderlyNetwork’s new Vanguard is even crazier: Anyone can become a distribution BD, bring Builders to use Orderly ONE to set up a DEX. Your income = their taker fee rate - your taker fee rate (minimum 0.1bps), and your tier level depends on 30-day aggregated volume + staking ORDER to climb higher. Earnings are settled daily at midnight. What really impresses me is the value loop: The protocol uses up to 60% of net fees TWAP every two weeks to buy back ORDER, with 50% converted into esORDER and distributed to stakers (linear vesting over 3 months), and the rest goes into the community governance pool. RWA isn’t slowing down either: XAU/XAG (gold/silver) is on-chain with 20x leverage. Tonight at 10 PM (UTC+8), Ran has an interview—I’m planning to tune in and take notes.