The recent developments in the perpetual DEX track have many people thinking about where the next opportunity lies. Actually, it’s already quite difficult to talk about high returns when doing perpetual DEX now; annualized returns within 100% are basically considered as managing wealth.

From a product perspective, there is a project whose design approach is worth paying attention to. It is the first in the industry to open up free transfer of points, and at the same time offers points OTC to the market at a price of 0.2. This pricing logic is quite interesting—if in the future the value of the points truly falls below this price, operating under this model would no longer make sense. Conversely, this price point itself implicitly contains a certain promise about future value.

The paths to acquire points are also relatively clear and transparent. The basic gameplay involves opening positions combined with hedging operations; sticking with it can yield decent point rewards. This positive mechanism design allows participants to have a relatively stable expectation of their income sources.

The core of competition in perpetual DEXs has now shifted to innovation in product mechanisms and refinement of user experience. The era of simple high APY has indeed passed.