[BitMEX CEO: Incentive-Driven Perpetual DEX Boom May Fade Soon] According to a report by CoinDesk, BitMEX CEO Stephan Lutz stated in an interview that the current boom in perpetual DEXs (Perp DEX), led by platforms such as Aster and Hyperliquid, may not last into next year. He believes that the business model of these platforms, driven by high incentives, is too fragile to be sustainable. Lutz compared the current DEX incentive model to an 'inherent pump-and-dump scheme,' where platforms attract users through token rewards and fee rebates. However, this model struggles to retain liquidity in the long term and poses significant risks to retail traders chasing high returns. In contrast, he argued that large centralized exchanges (CEX) like Coinbase are better equipped to weather market cycles and maintain dominance. BitMEX’s goal, he noted, is to 'bridge the worlds of centralization and decentralization.' Recently, competition in the perpetual DEX space has intensified, with emerging platforms like Aster surpassing former leader Hyperliquid in 24-hour trading volume.