Cascade closes its project.
Another one falls in the era of Perp DEXs.

Who’s next? The candidates:

- Katana Perps ?
- Ostium ?
- StandX ?
- Tradehotstuff ?
- Reya ?
- Hibachi ?
- Pacifica ?

For now, perp DEXs aren’t moving forward: their volumes are falling and their OI is at its lowest points.

These days, the perp DEXs that are competing aren’t offering anything new, except for native projects built on tokenized equities (xStock, Ondo, Robinhood, Entropy ).

The rest of the projects are like flipping a coin and hoping it lands heads.

For that reason, don’t put all your capital into a single perp DEX protocol, because if it doesn’t make it to TGE, you’ll have lost all your capital in fees and commissions. Diversify between stock natives and the rest.

Today, given how perp DEXs are, the chances of reaching a good TGE are minimal, because they’re not proposing anything truly innovative.

Why did Hyperliquid, Lighter, Aster arrive—and will Variational arrive too?
All 4 brought an innovative, disruptive idea, which is why they ended up with a good airdrop. Well, Aster is the exception here, but it had all the momentum of CZ.

Now think and ask yourself: do you believe that everything currently on the table, available to farm, proposes something different and novel that could reach TGE? If your answer is NO, then you’re burning fees for nothing.

Protect your capital. Think and analyze.

Move with care.