Perp DEX Mid Field War: Lost, Self-Saving and Later
Author:Zhou, ChainCatcher
Last weekHyperliquidNumber of transactions150With billions of dollars, large commodity-related contracts, such as crude oil, gold and silver, have become the main drivers。
As oil prices fluctuate sharplyHyperliquidA single-day break in the contract for the renewal of crude oil22Billion dollars, after bitcoin。
The situation in Iran has escalatedCMEThe weekend was closed, and global traders entered a chain of centralized exchanges seeking price discovery。
At the same time, they used to own nearly a quarter of the market for the decentrization contractGMX LabsPublic recruitment processCEORecognizing that the early founder-driven model was no longer sustainable, the transition to traditional leadership structures was sought。
One is taking over the spillover demand from traditional finance, while the other is rebalancing。
GMXanddYdXWhy fail
Look closelyGMX LabsThis is the announcementCEOScope of candidates coveredDeFiI don't knowCefiTraditional finance and science and technology, basic remuneration15Thousand20The US$ million is paid in stable currency and performance is directly linked to the increase in agreed costs. The proposal isDAOIn the ruling vote96.42 per centAdopted in favour。
A decentrization agreement, with overwhelming community consensus, decided to introduce a career manager in the traditional sense. This means that communities have realized that the old grass-roots model is no longer viable and that the solution they can think of is to move closer to traditional business management。
dYdXThe situation is even worse。2023At the beginning of the yeardYdXTake over the market for a decentralised and sustainable contract73%The share, almost a single family2024At the end of the year, that figure fell to a single digit and its currency prices fell. Super90%I don't know。
Today, the news of the two agreements in the media is not product upgrading or market share, but token buyback. The strategic focus of an agreement has shifted fundamentally when it focuses on preserving the value of tokens rather than winning market shares。
GMXanddYdXThe decline is complex。
The first is the point of departure。OKX VenturesThe report shows that:2021YeardYdXTraded mining pushes a one-day deal to a date90It's a billion dollars, one time overCoinbaseI don't know. This figure is generated by token incentives, and users are rewarded with brushes, not real transactions。
The more serious consequence is not that the data are false per se, but rather that the team responds to false user feedback as a real product signal, and the iterative direction has been lost from the beginning。
The second is the question of architecture。GMXThe model of a multi-asset liquidity pool plus a predictor is used. This design is..2021It's a reasonable year, when there was no order book running on the chainAMMModels are viable options。
But the architecture has a quantified ceiling, and the size of the total open contract that the agreement can carry is aboutTVLYes5I don't knowTVLThe upper limit locks the upper limit of the size of the transaction。
LPIt is a model that is naturally at an information disadvantage and a collective counterpart to all traders without the capacity to proactively manage risks, and where professional traders are reluctant to enter under such conditions, the depth of liquidity is always limited。
dYdXI saw the direction of the order book and decided to move toCosmosSelf-build application chains. The technical judgement is correct, but there are implementation problems. Following the migration, users need to adapt to new wallets and cross-chain asset bridges, and friction costs have increased significantly. What's more critical is that we have to be carefulv4The cost of the version goes to the certifying officer rather than the token holder, and the community sense of the growth dividend is zero。
The third point is the judgement of the winner。GMXWe'll bet on the mobility modeldYdXIt's built on its own, but there's only two real winners on this track: performance, and density of commercial ecology。
OKX VenturesIt was pointed out that most things last foreverDEXIt is simply a shift in the risk of centralization from the trust level to the less visible level of implementation and liquidation, and decentrization is seen as a narrative rather than a real product problem to be solved。
dYdXThe shift to a permanent contract for synthetic stocks, open to users in the United States, is to trade compliance for living space and bypass positive competition。GMXRecruitmentCEOIt is the use of organizational upgrades to cover strategic shortfalls. These are the right self-help actions, but they are still dealing with the results, not the causes。
The logic of the late
HyperliquidYes2023It's not like it's a good ideaGMXanddYdXStill the lead on this track. It has no financing, noVCEndorsed, no large-scale publication。
Early growth was slow. There are no token incentives to brush, limited numbers of traders and marketers accumulated during cold start-up, and long-term poor platform data。HLPThe profits and losses of the vault were detected in real time on the chain, which attracted those willing to put the money in, but at that time it was not an obvious advantage。
Technically, founderJeffI chose to build myself from the startL1And make a complete chain order book. The logic behind this is that, through a fully transparent chain environment, marketers are able to identify different types of transaction flows and thus adjust their pricing strategies。
That's why it can't godYdXYou can't move the application chainGMXThe path, which relies on a predictor, can only be rebuilt from the ground floor. Although the theory is still controversial within the industry, it givesHyperliquidThe product orientation provides a clear main line。
In the distribution of traditional assetsHIP-3on2025Year10The month goes on, using encrypted assets to accumulate as a commercial ecology, followed by gold, silver and crude oil。
According to the reportdYdX 2024When the unlicensed traditional asset market was launched, the daily turnover of Tesla synthetic stocks was as follows:4000United States dollars. Turkish liraCC BY-NC-ND 2.0I don't know. Without the presence of a businessman, the assets are zero。
And..HyperliquidThe approach was to expand asset classes after the marketer had matured, so when the Iranian crisis broke out, it caught up with the trade volume。
Based onCoinGeckoData as ofThreeMonth26Fuck24We're not going to settle the contract, we're going to lastDEXI'm not sureHyperliquidThe occupation54%I don't knowAsterIt's a promise15%It's second in lineHyperliquidThe scale still exceeds the sum of the remaining nine。
Number twoAsterandHyperliquidIt's almost the same timeHyperliquidWhat
Aster CEO LeonardIn an interview, he said:"WhendYdXWhen we showed up, we started trying to build something on the chainAsterThe first edition came upApollo XI don't know. From then on, the contract will last foreverDEXAfter a couple of cycles, it happenedGMXWe've been trying to make what's really needed to build the market, so now we have itAsterI don't know。"
As he saysAsterThe path is gradual. FromAMMThe model moves forward gradually, in an iterative manner, into the order book and then into a private order function that addresses the limitations of a transparent market. Each step is responding to market feedback and each step is a sound product decision。
In short, it's always following the course, not defining it。
Don't publish your product too early
In the encryption industry, the technological paradigm switch is too fast, and the incremental integrity means you're always catching up to the winner of an era。
This track has been re-searched and still is。
The encryption industry is now not well regarded, and a great deal of talent and capital is being withdrawn. But because people leave, the technology window will not be filled quickly, and the time left to the builders will be more adequate. It's not like we're going to be able to do thisL2New product possibilities are opened up by maturity, application chain viability, chain order bookability。
The pre-emptive advantage is much more vulnerable in this industry than in traditional industries, which is both a risk to old players and a real opportunity for new players. EspeciallyAIIn an era where tools have smoothed productivity gaps, homogenization competition has intensified and niche products have become increasingly difficult to build upon。
ParticleThe founders cited Google's founders in their lessons from entrepreneurship over the past year. PeopleSergei BrinIn Stanford: Don't publish your product too early. He means that once the signal is released prematurely, you are tied to a delivery line and there is no time to actually finish what you have to do。
So the real problem with starting a business is not how fast it goes, but to figure out where this track ends。
Concluding remarks
GMXRecruitmentCEOThis is not a big deal, but it may be looked back as a footnote at some point。
The first generation lasts foreverDEXThe entrepreneurship dividend period ended, and the age of grass-roots, founder-driven and fast-evolving came to the point where professional management was needed。
The new window is elsewhere, like..HyperliquidWith large commodity contracts, the geopolitics landscape has been seized, and the decentrization exchange is moving from internal competition in the encryption industry to a real replacement for the traditional financial infrastructure。
