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Perp DEX trading volume has dropped significantly.
For example, Extended and Variational—I believe their previous daily trading volumes were around $1 billion.
Among the tokens that haven't been issued yet, GRVT and Variational have relatively high open interest, at $640 million and $440 million respectively. Not sure if it's because everyone is stacking open interest to earn points.
Standx's daily trading volume hasn't decreased much, but its open interest has clearly increased. It was over $30 million before and now over $50 million. I think it's probably due to the SIP-2 proposal, with everyone stacking open interest to earn yields.