If giants enter the scene to create a CEX or DEX, it could indeed become the next Web2 to Web3 growth miracle. However, to be honest, some new types of DEXs are also innovating in their own ways.

Take MPM (Matching Pool Mechanism) as an example, which divides the perpetual contract matching process into three layers. The first layer is P2P matching—longs and shorts are directly paired automatically, which helps to clear a large number of orders. What about the remaining unmatched orders? They move to the second layer, where an AMM mechanism and liquidity providers continue to match. The third layer involves an automatic hedging logic that acts as a safety net. Looking at it this way, DEX product design is indeed becoming more advanced with each generation.

However, some projects' tokens are underperforming. Many tokens have already fallen to their floor prices, market enthusiasm is basically gone, and the VC token label cannot be shed, making the outlook quite bleak. No matter how strong the new mechanism is, if the token ecosystem can't keep up, it's all for nothing.