Perp DEX 如何穿越虚假繁荣周期?

深潮Published on 2025-10-08Last updated on 2025-10-09

是继续「一键发链」搞内卷,还是真正去解决用户痛点建立差异化?

撰文:Haotian

谈一谈关于 perp dex 后市演变的若干洞察:

1)刷交易量换空投预期的「数字游戏」不持久。

若大量用户奔着空投预期来刷量(wash trading)而不是真正的使用产品,若专业套利者低成本剥夺了大部分激励预算,若项目方为了数据好看默许甚至鼓励这些行为。

长此以往整个积分系统就变成了没有真实价值创造挂钩的预期游戏,总会有泡沫破裂的一天;

2)平台间的低费率 War 存在用户「隐性买单」。

平台之间的内卷竞争会把「收入模型」压缩到极致,但维持零手续费的价值捕获平衡点到底是什么?若看似「零手续费」实际损耗却在清算罚金、资金费率等用户看不到或不在意的地方,长此以往这种打法都是短暂不可持续的。

要么像 Robinhood 把 PFOF 卖给做市商,要么做增值服务的 Broker,这些都是需要长期迭代的产品力才能成就;

3)CLOB 主导的 perp dex 繁荣还只是场内狂欢。

perp dex 不是一个新物种,但这一波万亿级的虚假繁荣背后更多是 BTC、ETH 等 Crypto Native 资产刷出来的量。未来 TrdfFi 资产向链上转移,比如真正有需求的股票、外汇、大宗商品等,CLOB 的全链订单簿模型就未必奏效了,反倒 Oracle 或 RFQ 模式会更高效。

问题来了,是提前谋局拥抱传统增量资产,还是 10 万刀购买 CLOB Dex 代码搞激励大战,谁在真正创造价值就一清二楚了。

4)靠黑盒执行层撑起来的高估值无法被有效验证。

虽然一些 perp dex 都标榜自己的差异化,但天量的交易数据和藏着捂着的黑盒技术并无法真正让高估值 Price in。若用户连订单怎么处理、流动性从哪来、价格怎么形成都不知道,若所谓的「最优执行」实际上是在吃用户 MEV、靠信息不对称赚钱,这并不是真正的技术护城河。

用 zk proof 证明逻辑没错,但实时追踪订单,订单数据指标和技术手段能不能经受市场考验都是关键;

5)perp dex as a Service 会稀释整个赛道的总体价值。

若大家都做 CLOB、都支持类似交易对、都是 maker/taker fee、都有积分系统,若差别只是 UI 好看点、空投预期高点、KOL shilling 猛点,长此以往整个 Perp DEX 赛道的总体价值会被严重稀释。

是继续「一键发链」搞内卷,还是真正去解决用户痛点建立差异化?前者只会让整个赛道陷入死亡螺旋,后者才有可能跑出真正有价值的项目。

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