2025-12-09 13:24:06

If we talk about the main trends in Web3 and crypto over the next year or two, I think it's highly likely that the focus will be on "perpetual contract DEXs" and "prediction markets."

Lately, I've seen quite a few people attending overseas industry events on social media talking about how on-chain perpetual trading for US stocks is about to explode, with a ton of new projects on the way. This track is definitely heating up, especially since some protocols that entered early are already showing impressive data.

That said, the projects that can truly stand their ground will depend on product depth and user retention. After all, the core competitiveness of perpetual DEXs isn't just about how fast they go live—liquidity mechanisms, trading experience, and risk control models all have to be solid. Let's wait and see.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

24 Likes

Reward
24
9
Repost
Share

Comment

0/400

just_vibin_onchain

· 2025-12-12 13:22

Perpetual DEX is definitely about to take off this wave, but it still depends on who can survive the longest.

View OriginalReply0

SchroedingerMiner

· 2025-12-12 13:18

Perpetual contracts are indeed a hot topic, but a large number of them are doomed to fail.

View OriginalReply0

FlatTax

· 2025-12-11 22:29

The current wave of perpetual DEXs is indeed exciting, but only time will tell who can survive past next year.

View OriginalReply0

hodl_therapist

· 2025-12-09 13:54

Perpetual DEXs are indeed popular, but how many of these new projects can survive the next bear market?

View OriginalReply0

GateUser-ccc36bc5

· 2025-12-09 13:51

Perpetual DEXs are indeed popular, but after the dust settles, only a few will survive.

View OriginalReply0

ImaginaryWhale

· 2025-12-09 13:47

Perpetual DEXs definitely seem promising this time, but I'm just worried it might be another passing trend.

View OriginalReply0

blockBoy

· 2025-12-09 13:45

Perpetual contract DEXs are indeed popular, but most projects will end up as cannon fodder sooner or later.

View OriginalReply0

DaoResearcher

· 2025-12-09 13:37

Perpetual DEXs are hot, sure, but have you actually read the liquidity mechanism whitepapers for these projects? A bunch of them haven't even properly considered the incentive incompatibility issue with AMMs. --- Good early data doesn't mean a project will survive; the key is whether the risk control model can withstand extreme market conditions. I bet most projects won't survive the next liquidation wave. --- As for prediction markets, I actually have some reservations. The balance between information efficiency and manipulation risk hasn't really been figured out yet. --- To be honest, the essence of perpetual DEXs is still liquidity mining arbitrage. Once the incentives dry up, their real nature will be exposed. We'll have to see who can build a truly self-sustaining governance system. --- Looking at the data, those overhyped projects actually have abysmal user retention rates. That's why I'm pessimistic about the vast majority of new projects. --- It's worth noting that poorly designed risk control models for perpetual contract DEXs are basically suicide. I've seen several projects go bust directly because of liquidation logic loopholes—the lessons are harsh.

View OriginalReply0

SatoshiChallenger

· 2025-12-09 13:35

Data shows that in the last round, those "about to explode" projects ended up with liquidation rates exceeding 85%. It's the same narrative again. Ironically, every time they say this time is different, but the nature of speculation has never changed. Retention rate is indeed a major weakness here. In all likelihood, these projects will become silent after three months, with nobody left in the casino.

View OriginalReply0