Discussing several insights on the future evolution of perp dex:

1) The "digital game" of trading volume for airdrop expectations is not sustainable.

If a large number of users engage in wash trading for airdrop expectations rather than genuinely using the product, if professional arbitrageurs strip away most of the incentive budget at low cost, and if project teams tacitly allow or even encourage these behaviors for better data presentation, the entire points system will eventually become an expectation game disconnected from real value creation, and there will always be a day when the bubble bursts.

2) The low fee war between platforms has users facing "hidden costs."

The internal competition between platforms will compress the "revenue model" to the extreme, but what is the value capture balance point for maintaining zero fees? If what seems like "zero fees" actually incurs losses in areas like liquidation penalties and funding rates that users cannot see or do not care about, this approach will ultimately be short-lived and unsustainable.

Either sell PFOF to market makers like Robinhood or provide value-added services as a broker; these require long-term iterative product capabilities to succeed.

3) The prosperity of perp dex dominated by CLOB is merely an in-house celebration.

Perp dex is not a new species, but this wave of trillion-dollar false prosperity is more about the volume generated by Crypto Native assets like BTC and ETH. In the future, as TrdfFi assets shift on-chain, such as stocks, foreign exchange, and commodities that have real demand, the CLOB's full-chain order book model may not be effective, and instead, Oracle or RFQ models may be more efficient.

The question arises: should we embrace traditional incremental assets in advance, or spend $100,000 to purchase CLOB Dex code for an incentive battle? It will be clear who is truly creating value.

4) High valuations supported by a black-box execution layer cannot be effectively verified.

Although some perp dex claim their differentiation, the massive trading data and hidden black-box technology cannot truly justify high valuations. If users do not know how orders are processed, where liquidity comes from, or how prices are formed, and if the so-called "optimal execution" is actually profiting from user MEV and relying on information asymmetry, this is not a true technological moat.

Using zk proof to validate logic is correct, but whether real-time order tracking, order data metrics, and technical means can withstand market scrutiny is crucial.

5) Perp dex as a Service will dilute the overall value of the entire sector.

If everyone is doing CLOB, supporting similar trading pairs, using maker/taker fees, and having a points system, with differences only in UI aesthetics, higher airdrop expectations, and aggressive KOL shilling, the overall value of the entire Perp DEX sector will be severely diluted over time.

Should we continue with "one-click chain deployment" to engage in internal competition, or truly address user pain points to establish differentiation? The former will only lead the entire sector into a death spiral, while the latter may allow for the emergence of genuinely valuable projects.

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