The Rise of Decentralized Derivatives (DeFi Perps) Challenges CEX Dominance
Decentralized derivatives platforms like GMX, dYdX, and Gains Network have hit record trading volumes, with some protocols achieving daily trading amounts exceeding $1 billion. Compared to CEX, DeFi Perps offer a trading experience without KYC, but liquidity depth and slippage issues still need optimization. In the future, on-chain derivatives may become an important growth point for the DeFi ecosystem.