The report discusses the potential of decentralized exchanges (DEXs) in the crypto market. It highlights that despite the collapse of FTX, DEXs have not fully exploited the available opportunities. The report emphasizes that perpetual DEXs have shown great product-market fit and continuous innovation. They also have a strong business model that can generate revenue. The report mentions GMX and GLP as examples of platforms that have led the real yield narrative by routing fees to token holders and liquidity providers. The report suggests that perpetual DEXs could challenge centralized finance (CeFi) dominance.
- Opportunity for DEXs: The collapse of FTX has created opportunities for DEXs that have not been fully exploited.
- Perpetual DEXs: These platforms have shown great product-market fit and continuous innovation, and they have a strong business model that can generate revenue.
- Challenge to CeFi: Perpetual DEXs could potentially challenge the dominance of centralized finance.