Once on-chain cloud perps take off, the entire perp sector won't be far from collapsing. The current on-chain perp wars are very similar to the CEX trade mining and CEX hundred-team wars back in the day. Once it reaches a certain stage, cloud exchanges start to appear. You don’t need to understand anything—just put up the money, and you can directly launch an exchange. Anyone can start a CEX. OKX even launched a cloud exchange service back then, directly sharing OKX’s liquidity. And then it all crashed . So everyone, keep a close eye on the current on-chain cloud exchange model.