Singapore – At a time when TOKEN2049 meets next year, the decentralized exchanges that have repercussions as a hyperliquid and aster may no longer dominate, the CEO of Bitmex, Stephan Lutz, told Coindesk in an interview, warning that their incentive commercial models are too fragile.
Recently, a competitive battle broke out decentralized exchanges (PERP Dex) in the perpetual sector, with emerging platforms like Aster and Light considerably challenging the old domination of hyperliquid.
Last week, ASTER exceeded the hyperliquid in terms of 24 -hour trading volume. This sparked a race among the competitors to launch new Dex, aimed at capturing market share in this expanding field.
In this context, Justin Sun announced the launch of a new DEX at the Token2049 conference in Singapore, signaling additional intensification in this rapidly evolving landscape.
Excitement, however, is likely to be short -lived, according to Lutz, which called dexis as diagrams inherent in the pump and the pump.
“The DEXs aim to give access to markets without intermediaries, and they take momentum by relying strongly on incentives, it is essentially a diagram inherent in the pump and the dube,” said Lutz. “I don’t want to say that in the wrong direction or as a skill. Everything is public, you know what you are committed to.”
He compared the incitement programs to an advertising blitz that pays attention, explaining that these platforms hang users with tokens rewards and expenses, then depend on this feedback loop so that people exchange people.
“The question is, that stick?” He continued.
This boom and basic cadence not only makes DEX for Dex to keep long-term liquidity, he added, this also means that detail traders chasing excessive yields are exposed to considerable volatility and risk.
Unlike the unsubscribe he sees in DEFI, Lutz said that the greatest centralized exchanges, led by Coinbase and his peers, are well placed to travel these cycles and remain dominant long after the last incentives DEX calm.
He added that Bitmex’s objective is to ride the two worlds, noting that even if he sees defining and kissing it personally as a native of crypto, the institutions cannot interact with it as they can with a centralized exchange.
Tokyo Bitmex Pivot
The Japanese capital, and not Hong Kong or Singapore, is the place where the commercial volume is, according to Lutz.
In August, the exchange officially moved its data infrastructure to AWS Tokyo from Aws Dublin in a movement aimed at stimulating liquidity. The switch delivered the desired results, highlighting the attractiveness of Japan.
“We were in Ireland before … but it has become more and more difficult because fundamentally everyone, except American players, are in Tokyo data centers,” he said.
He said that the switch increased the liquidity by around 80% in the main Bitmex contracts and up to 400% in certain Altcoin markets, gains which he not attributed to the intervention of the market but to the reduction of the latency by being in Tokyo.
Looking towards the next crypto cycle
Lutz predicts that the next crypto cycle will be clearly different from booms and previous busts.
With greater institutional participation, he said, the BTC could behave more as a “real asset”, smoothing the dramatic peaks and tires that defined past races.
“I expect that with greater adoption, we will see longer platform phases than in previous cycles; the market will always follow the same rules and characteristics, but with lower volatility because it becomes a real asset embraced by the rich of the world,” he said.
The volatility of the Bitcoin market has decreased considerably since the beginnings of ETF Spot in the United States last year. In addition, the implicit VIX -type BTC volatility indices in VIX type structures, moving in the opposite direction of punctual prices.
All this means that even if some of these new Dexs, offering an attractive lever effect – which, according to Lutz, will not last before next year – there are no fireworks in reserve for BTC. Instead, it will look like any other class of sophisticated assets with progressive ups and stockings as the market cycle continues.
