A major decentralized derivatives protocol is handling $3 billion in daily perpetuals volume while eliminating gas fees per transaction. Recent on-chain metrics show a positive flip in cumulative delta volume last week, signaling genuine directional accumulation rather than algorithmic trading noise. The native token at $25 is capturing validator fee distributions from roughly $220 million in annual liquidation revenue. Meanwhile, most other decentralized perps platforms have collapsed or faded away attempting to build similar infrastructure.