The first perp platforms were experiments 👀 The question was whether execution could work at all. Could an on-chain order book handle real volume? Could a decentralised liquidation engine hold up under pressure? $ETH gave the infrastructure, $GMX and the platforms that followed it answered the execution question. That question got answered years ago. The space spent so long proving that onchain derivatives could work that most traders missed when the conversation moved on. The interesting question now is what you build on top of infrastructure that's already proven. Aevo's answer has been shipping quietly: PERPS+ defined-downside trading on top of a working liquidation system. RWA spot markets powered by Ondo sitting in the same account as your crypto derivatives. All of it running on infrastructure that wasn't experimental anymore before any of it launched. #Macro Insights#