BitMEX CEO: The tide of incentive-driven encryption perpetual DEX may soon fade.

PANews October 1st news, according to CoinDesk, BitMEX CEO Stephan Lutz stated in an interview that the current wave of perpetual DEX (Perp DEX) led by platforms such as Aster and Hyperliquid may not last until next year. He believes that these platforms' business models driven by high incentives are too fragile to sustain. Lutz compares the current DEX incentive model to an "inherent pump-and-dump scheme"; the platform attracts users through token rewards and fee rebates, but this model struggles to retain liquidity in the long term and poses significant risks to retail traders chasing high returns. He believes that, in contrast, large centralized exchanges (CEX) like Coinbase are better equipped to weather market cycles and maintain dominance, while BitMEX's goal is to "bridge the world of centralization and decentralization." Recently, the competition in the perpetual DEX track has become fierce, with emerging platforms like Aster surpassing the previous leader Hyperliquid in 24-hour trading volume.