Some insights into the future evolution of perp dex

Let's discuss a few insights into the future of PerpDex: 1) The "numbers game" of inflating trading volume to anticipate airdrops is unsustainable. If a large number of users engage in wash trading driven by the promise of airdrops rather than genuine product usage, if professional arbitrageurs deprive the majority of the incentive budget at low cost, and if project owners condone or even encourage these behaviors for the sake of good data, then the entire points system will become a game of expectations unlinked to real value creation, and the bubble will eventually burst. 2) The war for low fees between platforms involves users "hiddenly paying the price." Internal competition between platforms will compress the "revenue model" to the extreme, but what is the optimal value capture point to maintain zero fees? If the apparent "zero fees" actually incur losses in areas invisible or insignificant to users, such as liquidation penalties and funding rates, this strategy will be unsustainable in the long run. Either selling PFOFs to market makers like Robinhood or becoming a broker providing value-added services requires long-term product development and iteration. 3) The CLOB-led perp dex boom is merely an on-market frenzy. Perp dex isn't a new phenomenon, but this wave of false trillion-dollar growth is largely driven by the volume generated by crypto-native assets like BTC and ETH. As TrdfFi assets migrate on-chain, such as truly in-demand stocks, forex, and commodities, CLOB's full-chain order book model may no longer be effective. Oracle or RFQ models will be more efficient. The question becomes: should one plan ahead and embrace traditional incremental assets, or engage in an incentive war by purchasing the CLOB Dex code for $100,000? This will clearly reveal who is truly creating value. 4) High valuations propped up by a black-box execution layer cannot be effectively verified. While some perp dexes tout their differentiation, massive amounts of trading data and hidden black-box technology cannot truly justify high valuations. If users don't even know how orders are processed, where liquidity comes from, or how prices are formed, and if so-called "optimal execution" is actually eating into users' MEV and profiting from information asymmetry, this is not a true technological moat. While using zk proofs to prove the logic is correct, real-time order tracking, order data metrics, and whether the technical means can withstand market scrutiny are crucial. 5) Perp DEX as a Service will dilute the overall value of the entire sector. If everyone trades CLOBs, supports similar trading pairs, uses the same maker/taker fees, and has a points system—if the only differences are a better UI, higher airdrop expectations, and more aggressive KOL shilling—then the overall value of the entire Perp DEX sector will be severely diluted in the long run. Should we continue the "one-click chain launch" strategy and create internal competition, or truly address user pain points and establish differentiation? The former will only plunge the entire sector into a death spiral, while the latter will have the potential to produce truly valuable projects.