2026-01-12 18:23:46

Recently, an interesting phenomenon is worth discussing: trading activity is gradually returning to the chain, and liquidity is beginning to enter a truly endogenous cycle phase. What does this mean? It indicates that the focus of the new cycle is gradually shifting towards the DEX ecosystem.

Why DEX? Simply put, real trading capacity and long-term stable liquidity support are becoming increasingly essential for project survival. Pure concept hype is no longer sustainable; those who can build a sustainable trading system will stand firm in this cycle.

This is not only about technological upgrades but also about redefining the role of the entire DeFi ecosystem. From speculative tools to trading infrastructure, from fragmented liquidity to endogenous ecosystem cycles—this transformation is happening in real time. Many projects are also adjusting their strategies in an attempt to seize this structural opportunity.

It is foreseeable that discussions about DEX will become more and more frequent. Platforms that can truly retain users and support trading volume are the ones worth paying attention to.

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down_only_larry

· 01-15 17:36

Manipulation is no longer working; it's finally time to see real skills. --- Has the DEX wave risen? Why am I still losing money? --- How long have we been talking about on-chain transaction backflow? Is it real? --- Liquidity endogenous cycle... sounds very expensive. --- Another structural opportunity. Last time I heard this term, I lost five figures. --- Depositing users? First, deposit my principal before talking. --- Concept hype can't be played out, I believe that, but can DEX be played? --- The true transaction carrying capacity, frankly, still depends on who has cheaper gas. --- How many times has the DeFi ecosystem been redefined? I'm already numb.

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rugpull_survivor

· 01-14 19:49

Has the concept of DEX finally come to fruition after being talked about for so long? I still believe in those with real trading volume; don't create another air project again. By the way, I've heard the term "endogenous circulation" quite a bit lately. Ultimately, who can survive will depend on the data.

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notSatoshi1971

· 01-14 10:13

In other words, the arbitrage opportunities are gone, and it's now about surviving through real trading volume. This round of DEXs definitely has potential, but who will make it to the end is really hard to say. Concept hype really can't be played anymore; now everyone is competing in practical applications. The idea of internal liquidity circulation sounds sophisticated, but in reality, it's just about who can keep users. Old players like UNI and Curve are indeed redefining themselves. But to be honest, many projects are still just clinging to concepts... Real trading capacity? How many DEXs can really achieve that these days? It feels like the big wave of淘沙 is beginning; small DEXs probably can't withstand it. Let's wait and see which platform can finally become the true infrastructure. Liquidity circulation sounds great, but slippage is still terrifying.

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MemeEchoer

· 01-12 18:53

It's a valid point, but the ones who really make money are those who knew early on. DEXs are popular, but I'm worried it might just be another scheme to cut the leeks again. Concept hype is no longer working; now it's time for projects with real trading volume to shine, I agree. Endogenous liquidity cycle? Sounds impressive, but the actual user base remains the same, how does the cycle work? On-chain transactions are doing well, but gas fees need to be addressed, or ordinary people won't be able to afford to play. Starting to research which DEX has potential again—this cycle never ends. Accumulating users is easier said than done; there are only a few platforms that can truly achieve it.

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ZenMiner

· 01-12 18:51

Hey, that makes some sense, but not many are still all-in on DEXs now... Really? Internal liquidity circulation? I think most are still playing on exchanges. With so many DEX tracks, the real question is who can survive until the end. Wait, isn’t this the stuff that was being hyped three years ago... The on-chain transaction capacity is indeed improving, but who would use it with such high gas fees? Honestly, it still depends on whether the technical team is reliable. No matter how much a project is hyped, if it’s just air, it’s a waste. Looking at the build-up... but the DEX I chose might be doomed.

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PretendingToReadDocs

· 01-12 18:50

DEX isn't popular because it's awesome; it's because everything else is dead haha The polite way to say it is "endogenous cycle," but basically, when the concept is gone, you have to rely on real skills to survive There aren't many DEXes that can survive this wave; most are still just telling stories

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ResearchChadButBroke

· 01-12 18:39

Haha, when it comes to real trading capacity, basically it's about eliminating those purely empty projects. Projects that constantly hype concepts need to wake up; without trading volume, it's just a dead project. DEX is indeed turning around, but liquidity also depends on who actually takes action.

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NFTDreamer

· 01-12 18:34

Hmm... That's a good point, but I'm more concerned about how many truly liquid DEXs are there? Most of them are still just empty shells. Speaking of which, platforms that can retain users are indeed scarce, but only a few will survive this wave. On-chain trading sounds great in theory, but the key is when will the issues of fees and slippage, these two old problems, truly be resolved? Is there a tilt towards the DEX ecosystem? I feel like it's still a playground for arbitrageurs... Can the real trading volume support so many platforms? Honestly, the projects that are currently the loudest often die the fastest, and this time won't be an exception.

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shadowy_supercoder

· 01-12 18:29

The DEX ecosystem is indeed changing, but the platforms with actual trading volume are still those few. It's not easy for new players to enter the market. It's well said that hype around concepts is no longer effective, but it feels like the market is still being driven by emotions. Fundamentals are still a secondary concern. Wait, is endogenous circulation just another overly packaged concept? It depends on what practical implementations can be achieved. I'm optimistic about on-chain transaction return, but I'm worried it might become another scene for cutting leeks. Liquidity support is the real hard currency. I agree with this logic, but right now, Uniswap still dominates. The real question is, many projects talk about the DEX ecosystem, but how many truly have user stickiness?

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