There's a thought-provoking question worth discussing—where does the trading volume of DYDX exchange actually come from?

It looks lively, but in reality, a large part of it is the project team itself making markets. Even more upsetting is that the DYDX tokens distributed through trading incentives are immediately dumped into the market. This cycle, frankly, is just using money from the left pocket to fill the right pocket—creating a false illusion of prosperity.

Looking at DYDX's performance over the past year makes it clear. From a high point, it has been steadily declining, and the underlying logic is quite straightforward: the project team no longer has real funds to support the price. They are unwilling and unable to do so. Those incentive tokens all need an exit, and the final exit is through the secondary market.

There's also a timing issue here. Token incentives will eventually run out. When that happens, what can the exchange rely on to maintain its popularity? Without external inflows and genuine trading volume, the ending has already been written.

So instead of waiting, it's better to see through this question now.