The phenomenon of FDV soaring on the first day of perpetual DEX launch is worth noting. Several emerging perpetual contract platforms have achieved astonishing fully diluted valuations within just 24 hours of launch. What does this reflect? Is it a sign of the market's continued enthusiasm for decentralized derivatives, or is a valuation bubble rapidly inflating?

From the data, what does the aggressive FDV performance on the first day indicate? On one hand, there is indeed demand for decentralized exchanges; on the other hand, the influx of initial liquidity providers and traders often artificially inflates token value. But whether this hype can be sustained and stabilized in the future remains a big question mark.

For investors, this is a reminder — the impressive initial data of new platforms should be viewed rationally. The competition in the perpetual DEX track is fierce, and the true test lies in long-term operational capability, trading depth, and user stickiness.