2025-12-15 19:20:15

I still remember when perpetual contract DEXes first emerged, it was basically a one-exchange dominance, capturing over 90% of the market share with no real alternatives.

Later, another project launched, and the situation quickly reversed. During that period, this new player once held over 70% of the market share. Although there were many controversies around issues like wash trading and subsidies, it definitely disrupted the original market order.

Recent data is quite interesting. By December 15th, the entire DEX perpetual contract market had evolved into a tripartite competition—the top three are a certain project, another one, and the original leading player. The market has become more balanced, and competition has intensified.

This shows one thing: first-mover advantage in the crypto market is fundamentally unreliable. Just like how a major exchange's position back then had to stay alert to being overtaken. Now, it all depends on how each player pushes forward—who can bring more surprises to the market.

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DoomCanister

· 2025-12-18 15:32

The competition kings are fighting, this is what the market should look like --- The subsidy war is really fierce, but who will be the last to laugh is still uncertain --- First-mover advantage? Uh... that’s basically a joke in the crypto world --- A tripartite stalemate is good, just worry that someone will start throwing money to抢份额 --- After this round of competition, the workers are actually the winners haha --- Basically, it’s whoever subsidizes more, and we’ll see what happens when the subsidies stop

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GasOptimizer

· 2025-12-17 09:52

The current reshuffle of perpetual DEXs is indeed fierce; the once-dominant players now have to bow their heads and behave humbly. --- The trick of score boosting subsidies, frankly, is just spending money to buy market share. Whether it can be sustained is the real question. --- A tripartite dominance sounds comfortable, but in reality, it depends on whose product strength is truly solid. --- First-mover advantage? Ha, in the crypto market, this thing is worth a few bucks. Opportunities to turn things around are everywhere. --- Having more choices now actually causes some confusion; I don't know which pool to run to. --- Let's wait and see who can come up with new tricks next. Burning money for subsidies is already old news. --- The term "market equilibrium" sounds nice, but in fact, it means no one can monopolize; ultimately, the end users are the winners.

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UncleWhale

· 2025-12-15 19:50

The King of Crooks Bump Heads, Who Will Laugh Last Is Not Certain --- The subsidy battle is over, and the true competitiveness is revealed --- Market equilibrium? No, this is just a mutual scramble --- Maintaining a top position is in the genes; the pace of updating and replacing is too fast --- 90% turning into 33%, what does it mean? Users are profit-driven and have no loyalty at all --- Another victory for cutting leeks; users are still the same group of users --- Waiting to see who can survive until the end of next year, it's too early to draw conclusions now

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MaticHoleFiller

· 2025-12-15 19:41

Market share built on subsidy wars will reveal its true strength once the subsidies stop. A tripartite dominance? I think it's just burning money. Perpetual contracts have indeed seen ups and downs; it all depends on who can survive until the end. This round of rotation is ridiculously fast; it feels like the landscape will change again next month. First-mover advantage? It's been shattered long ago; the era of relying on old capital is over.

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unrekt.eth

· 2025-12-15 19:41

I'm excited to see this tripartite stalemate; breaking the monopoly is truly satisfying. --- Speaking of the subsidy war, I played during that time. Now that the landscape has stabilized, it's actually more interesting. --- First-mover advantage is a joke; this market thrives on fresh blood. Whoever lies down will be finished. --- 90% of the market share has been divided into three parts, and the speed is a bit frightening. --- But to be fair, balanced competition is a good thing for us users.

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RugResistant

· 2025-12-15 19:36

Perpetual contracts market is really competitive, in just one year it went from monopoly to a three-way split. Nobody should claim to be stable. The subsidy war is the real killer, money makes you the boss. Top exchanges should also be worried; there’s no such thing as an everlasting king, remember that.

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