Recently, perps DEXs are trending, and CZ is actively promoting Aster. On one hand, this is due to the demonstration effect of Hyperliquid, and on the other, there’s a noticeable trend of crypto users migrating from CEXs to on-chain platforms. Another key reason is the ongoing tokenization of real-world assets (stocks, bonds, funds, REITs, equity, etc.), which is significantly squeezing centralized exchanges and altcoin markets. Core logic: 1. The wealth effect of U.S. stocks, especially small-cap stocks, is better and more sustainable. In the future, they’ll likely take up and squeeze the space occupied by altcoins. 2. As regulatory policies gradually roll out, major U.S. stock exchanges and brokerage firms will directly enter the game. This means that the tokenization of U.S. stocks or equities will become increasingly homogenized and monopolized on the supply side. The real opportunity on-chain won’t lie in the supply side but in the user-facing front end. Previously, this was discussed here: https://(x.com)/qinbafrank/status/1960965441565905025?s=46&t=k6rimWsEbo2D2tXolYcM-A, where topics like “providing users with different types of leverage models, innovating asset types and gameplay based on tokenized U.S. stocks (e.g., contracts, options, collateralized lending, etc.)” were explored. These will likely become the main business areas for perps DEXs in the future. Actually, since the rapid growth of DeFi, development has somewhat stagnated in recent years. A core reason is the lack of high-quality assets on-chain. Lending and derivatives have always revolved around $BTC, $ETH, and a few other major tokens. Imagine if there were more high-quality assets available in the future—the scale of on-chain lending and derivatives could expand to an enormous size, far exceeding the current scale. 3. The quoted tweet mentioned, “As assets move on-chain, exchanges face greater challenges in user operations and asset management (e.g., many current IPO strategies, airdrop strategies, and interest-bearing token services will no longer work).” With pressure comes the need for breakthroughs. From this perspective, perps DEXs have already become the key battleground for future competition among giants. Centralized exchanges are pushing hard to integrate on-chain derivatives, and mainstream public chains are supporting their own “Hyperliquid” equivalents. The goal isn’t just to capture the perps market for crypto assets but to seize a larger share of the derivatives market for tokenized U.S. stocks and other traditional real-world assets.