“A competitive Battle Has erupted in the perpetual Decentralized Exchange (Perp Dex) Sector, with Emerging Platforms Like Aster and Lighter Signification Domin. But What do bosses of Centralized Exchanges Say about the Ongoing Trend.”, – WRITE: www.coindesk.com
Last Week, Aster Surpassed Hyperliquid in Terms of 24-Hour Trading Volume. This has been sparked a race amng competitors to launch New Dexs, Aiming to Capture Market Share in this Expanding Field.
In this context, justin Sun AnnounCed the Launch of A New Dex at the Token2049 Conference in Singapore, Signaling Further Inteensification in this Rapidly Evolving Landscape.
The Exciterement, However, Is Likely to Be Short-Lived, Accounting To Lutz, Who Called Dexs As Inherent Pump-And Dump Schemes.
“Dexs are about giving accounting to markets with intermediarians, and they Build Momentum by Relying Heavily on Incentives, It’s Basical An Inherent Pump -Iand -Dump Scheme. “I don’t mean that in a bama or as a scam. It’s All Public, You Know What You’re Getting Into.”
He Lickened the Incentive Programs to An Advertising Blitz that Pays for Attmentation, Explaning that Platforms Hook Users with Token Rewards and Fee Rebates and Thie Depend on the Prading Loop.
“The Question is, What Sticks?” HE Continued.
This Boom -Aand -Bust Cadcess Not Only Makes It Hard for Dexs to Retain Liquidity Over the Long Term, He Added, It Also Means Retail Traders Chassing Outsized Yields Aposing theater Risk.
In Contrast to the Churn Hes Sees in Defi, Lutz Said The Largest Centralized Exchanges, Led By Coinbase and Its Peers, Are Well-Positiored to Ride Out the Tese Cycles Anne. Subside.
He Aded that BitMex’s Goal Is To StradDle Both Worlds, Noting That While He Sees defi Ending and Embraces It Personally As a Crypto Native Centralized Exchange.
BitMex’s Tokyo PivotThe Japanese Capital, Not Hong Kong or Singapore, Is Where The Trading Volume Is, Account to Lutz.
In august, the exchange officiary Moved ITS Data Infrastructure to AWS Tokyo from aws dublin in a move Aimed at Boosting Liquidity. The Switch Has Delivered the Desired Results, UndersCoring Japan’s Attractiveness.
“We Were in Ireland Before… But It Became More and More Difficult Becauuse Basically Everyone Except the US Players Arers In the Tokyo Data Center,“ He Said.
He said the Switch Boosted Liquidity by Roughly 80% in BitMex’s Main Contracts and Up to 400% in some in Altcoin Markets Tokyo.
Looking Towards The Next Crypto CycleLutz Predicts the Next Crypto Cycle Will Look Markedly Different from Prior Booms and Busts.
With Greater Institutional Participation, He Said, BTC Could Behave More Like A “Real Asset,” Smoothing Out The Dramatic Peaks and Troughs that have Defined Past Runs.
“I Expert that with Greter Ader ADOATER ADOPTION WE’ll See See See Longer Platateau Phases What in Prelima Still The Same Rules and Characteristics, But, But, With Lower Volatility As Itham, Lowes, Lowes, Lowes, Lowes, Lowes, But Will Still Still Still Still Still Still Still Still Still Still Still Still of Still Still Still Still Still Still Still Still Still Still Still Still World’s Wealthy, “He Said.
The Bitcoin Market Valativity Has Decklined Markedly Since the DEBUT OF SPOT ETFS IN THE US LAST YEAR. Moreover, BTC’s Implied Volatility Indices of Steadily Evolved Into Vix-Like Structures, Moving in The Opposite Direction of Spot Prices.
All this means that Even Thought Thought of these New Dexs, Offering Eye-Watering Leverage-WHICH LUTZ BELIEves Won’t Last Until Next Year-There Aren’s. Insthead, It’ll Look Like Any Other Sophisticated Asset Class with Gradual UPS and DOWNS AS The Market Cycle Continues.
Combined Spot and Derivatives Trading on Centralized Exchanges Surged 7.58% to $ 9.72 Trillion in August, Marking The Highest Monthly Volume of 2025
- Combined Spot and Derivatives Trading on Centralized Exchanges Surged 7.58% to $ 9.72 Trillion in August, Marking The Highest Monthly Volume of 2025
- Gate Exchange Emerged As Major Player With 98.9% Volume Surge to $ 746 Billion, Overtaking Bitget to Become Fourth-Largest Platform
- Open Interest Across Centralized Derivatives Exchanges Rose 4.92% to $ 187 Billion
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The Value of Crypto Comes from the Massive Markets It Aims to Disrupt, Not Small, Niche Plays, The Report Said.
- Crypto’s Value ComESS from Targeting Trillion-Dollar Markets, Account to BitWise Cio Matt Hougan.
- Bitcoin’s $ 2.3 Trillion Value Reflects ITS Competition with Gold’s $ 25 Trillion Market, While Ether and Solana Are Positioned to CAPTURE SLICES OF QUADRILLION-DOLLAR FINANCAL FLOWS.
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