I took a quick look at on-chain data to see what the market is really like. Since the end of Q1 2025, there has been no new surge in users trading spot on on-chain DEXs, and the vast majority of these users are on @PancakeSwap (which can be attributed to Binance Alpha wash trading). Meanwhile, the growth of perp users has been linear. However, it's important to note that the number of spot users has dropped by nearly 500,000, while the number of perp users has increased by ~40,000. *CEX data is provided here for reference: According to @coinbase data, daily trading users are ~300,000. Compared to Bitcoin's market share during the same period, this data is more consistent with the on-chain spot activity mentioned above.