Perpetual DEX projects have become a crowded trade, with new farming opportunities constantly emerging. Yet most lack differentiation: no regulatory licenses, no sustainable moat, no real compliance advantage or superior product design. The vanilla perpetual dex model is essentially commoditized at this point. What makes this problematic is valuation—many projects in this space are trading at astronomical multiples, with investors paying 100x revenue or more. This raises serious questions about whether current market prices can be justified given the commoditized nature of the product and intense competition among similar platforms.