#Perp DEX市场竞争 Perp DEX is really getting crazy right now, with projects like Upheaval, Yield Basis, and Limitless all launching intensively at the end of September. It feels like major projects have all scheduled their launches together 🚀

Especially the design of Upheaval, which directly copies Hyperliquid's approach but also adds a Launchpad feature. The pre-sale has already oversubscribed by 870%. Yield Basis has backing from the founder of Curve, and its valuation has skyrocketed from 50 million to 200 million. This kind of emotional premium is truly remarkable. Although Limitless was previously criticized for wash trading, its Polymarket-style gameplay is now running on Base, and it also has Arthur Hayes endorsing it.

This wave of IPO opportunities is indeed competitive, but I think the most important thing is to see which projects truly have cash flow support. Goated's GambleFi generates real income every month, which is much more stable than those relying solely on hype. Momentum's TVL has reached 240 million, with quarterly fees of 7 million. These fundamentals are key to whether the secondary market can really take off.

However, be cautious when entering now. With so many projects launching simultaneously, it's easy to cause a dump. It still depends on who can truly retain users and trading volume. I recommend focusing on those that have already shown data, as the speculative potential will be greater 💪