According to CoinDesk, BitMEX CEO Stephan Lutz said in an interview that the current PerpDEX craze led by platforms such as Aster and Hyperliquid may not continue into next year, arguing that the highly incentive-driven business models of these platforms are too fragile to last.
Lutz compares the current DEX incentive model to an "inherent pump-and-dump scheme" in which platforms attract users through token rewards and fee rebates, but this model struggles to retain liquidity over the long term and poses significant risks to high-yield retail traders. In contrast, he argues, large centralized exchanges (CEXs) such as Coinbase are better positioned to weather market cycles and maintain dominance, while BitMEX aims to "leapfrog the world of centralization and decentralization".
Recently, the sustainable DEX track has seen intense competition, with emerging platforms such as Aster surpassing the former leader Hyperliquid in 24-hour trading volume.
BitMEX CEO: Incentive-driven crypto-perpetual DEX craze may soon subside
2025-10-01 09:54:55
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
Previous article：
OKX第 35 期PoR：BTC、ETH、USDT、USDC总计价值达331 亿美元
