2026-01-08 16:24:53

The reshuffle of the perpetual DEX ecosystem after TGE 💭

After token issuance, which perpetual trading platforms are still doing well? This is a question worth examining. The market is gradually shifting from a frenzy to a period of calm observation. Some projects have achieved their fundraising goals through TGE, but whether they can maintain trading activity and retain user stickiness remains a new test.

From on-chain data, the performance of different platforms varies greatly. Some DEXs have put effort into liquidity mining and incentive mechanisms, retaining a core group of traders; others have gradually become marginalized due to slow feature iteration or unreasonable fee structures. The key to survival seems to be—whether the product truly solves users' pain points, rather than just marketing stories.

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MetaverseVagabond

· 01-11 12:29

Honestly, it's still the same old story: projects without real product strength will eventually fail. They start bragging right after funding, I've seen this trick way too many times.

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SilentAlpha

· 01-11 01:23

After the funding, there was no more news; this is the most authentic portrayal.

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GasGuzzler

· 01-10 17:36

Funding is over and there are no follow-ups, this is the real truth --- Another death spiral, once mining incentives run out, there will be no one left --- Honestly, it still depends on whether there is real trading volume, otherwise it's all bubbles --- Those still chasing TGE projects now are probably going to pay tuition fees --- Liquidity mining is just another way of saying "cutting leeks," wake up everyone --- The key to survival? Decentralization can't save trash products either, it's about time to recognize this --- The so-called daily promoted DEX, in the end, centralized exchanges are still more user-friendly, don't fool me --- Only about twenty core traders are just self-indulgent, the data looks good but that's all

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NFTArtisanHQ

· 01-08 16:53

ngl the tokenomics theater really fell apart once the hype cycle bottomed out... it's giving benjamin walter's "reproducibility destroys aura" but make it defi lmao

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CryptoPunster

· 01-08 16:49

Wow, there are quite a few projects that start focusing on elder care right after fundraising, it's hilarious. Right after raising funds, they turn into senior activity centers. Some platforms really have a "graceful" way of doing this. They shout about revolution every day, but in reality, they're just making wedding dresses for others. Looking around, it's still the same old story. It seems only a few really survive; the rest are just acting in a play. In this DEX game, those who tell stories are all dead; only those who can truly solve problems are still alive. After a final reshuffle, the old saying still holds—without a product, you're just waiting to cool off. Looking at this trend, another big cleanup is coming next year.

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SerumSurfer

· 01-08 16:48

Financing is just the beginning; the real test is yet to come. --- In plain terms, it's about who can truly solve problems; deception won't last long. --- On-chain data doesn't lie; garbage projects will be phased out sooner or later. --- The incentive mechanism won't last long; it will eventually return to the product itself. --- After this round of reshuffling, another batch of platforms will die out. Guess who won't make it past next year. --- Liquidity mining is like drinking poison to quench thirst; I've seen through it long ago. --- The key is user stickiness; without it, everything else is pointless.

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gm_or_ngmi

· 01-08 16:38

Honestly, platforms that rely on incentives will eventually fail. Once the funding is done, there's no more story to tell. It all depends on whose product is more resilient.

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TokenToaster

· 01-08 16:25

The story of cutting leeks is over, now let's see who can really survive Wait, how many more times can the liquidity mining scheme deceive people Basically, if the product is good, it survives; if not, get lost Watching the data every day, it's still just a few platforms holding up TGE ignited a fire, burning down a bunch of projects, that's survivor bias Projects with unreasonable fee structures should have died long ago, why are they still around Incentive mechanisms can't retain people, indicating there are fundamental issues with the product itself The real reshuffle is here; trash projects should disappear

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