The success or failure of perpetual DEXs really comes down to one word—liquidity.

Just look at the data. At a 10 basis point spread, a leading perpetual DEX has already accumulated over 800 BTC in depth. What does this scale mean? Whether on-chain or on centralized exchanges, it’s already top-tier. Many traditional exchanges took years to reach this level, but this DEX achieved it in just a few months.

What does this indicate? It shows that the competition for liquidity has become fierce. Those who can quickly accumulate enough trading depth will attract more traders to participate. As trading volume increases, a positive cycle can form—more traders → higher fee incentives → more liquidity providers entering.

Currently, the platform is conducting trading mining activities to further attract user participation through this incentive mechanism. This is a common approach in the early stages of liquidity accumulation and a necessary strategy for DEXs to break through.