#Perp DEX市场竞争 Looking at this wave of IPO enthusiasm, I have to honestly say: the opportunities are indeed concentrated, but the risks are also piling up.

With such fierce competition among Perp DEXs, projects like Upheaval and Yield Basis all want a piece of the pie. I understand the logic behind it—everyone wants to capture liquidity. But what does this precisely indicate? The market is already crowded.

I’ve noticed a few details worth being cautious about: Upheaval’s pre-sale has already oversubscribed by over 870%. What does such crazy subscription activity usually indicate? A bubble buildup. At TGE, only 4% of tokens are in circulation, and the subsequent selling pressure and market game will be intense, as can be imagined. Also, Tea was directly questioned by the community as "possibly a scam" because it didn’t promise airdrops to testnet users—this shows how fragile the trust foundation is.

My advice is very clear: if you really want to participate, make sure to do three things. First, strictly control your position size in any single project—don’t put all your eggs in one basket. Second, prioritize projects with clear cash flow—like Goated, which already has stable income; this is more valuable than just backing with fundraising. Third, set a stop-loss line for yourself—don’t let short-term wealth effects hijack your rationality.

Launching many big projects simultaneously is an opportunity, but also a test. Protecting your principal is always much more important than chasing quick riches. In the long run, only projects with genuine ecological value can survive longer.