In this article, I'll share several observations on PERP: the significance of new derivatives pairs, the dynamic liquidity upgrade, and the potential impact of multi-chain expansion. 1️⃣ What does the launch of $MIRA-PERP mean? For many, this is simply another tradable asset. However, I value the spillover effects of the derivatives ecosystem more. As more tokens linked to PERP launch perpetual contracts, they effectively increase the trading depth and application scenarios of the entire protocol. Simply put, PERP, originally just a token, can now become the "unit of account" in derivatives trading, effectively adding financial attributes to it. More importantly, the existence of derivatives often brings in more speculative capital and liquidity. For a protocol, liquidity is its lifeblood. The launch of MIRA-PERP demonstrates that market demand for PERP is no longer limited to spot trading but is being further amplified at the derivatives level. 2️⃣ The value of dynamic liquidity/dynamic K-curves Another point I'm closely following is the community discussion on dynamic liquidity. Traditional automated market makers (AMMs) often suffer from excessive slippage and liquidity imbalances during extreme market conditions. PERP intends to upgrade its liquidity curve to automatically adjust based on market fluctuations, acting like a "smart brake system" to protect liquidity providers' capital efficiency during volatile market conditions. This mechanism has two implications: For users: reduced slippage and a better trading experience. For liquidity providers: improved capital utilization, enabling relatively stable returns across varying volatility. If this step is truly implemented, PERP's improved capital efficiency could potentially regain its competitive advantage in the perpetual swaps market. After all, those who can reduce slippage will attract more large traders. 3️⃣ The Potential of Multi-Chain Expansion Finally, there's the multi-chain expansion mentioned in the roadmap. PERP has historically relied primarily on Ethereum and its Layer 2, but this ecosystem is already relatively mature and highly competitive. Expanding to more networks means it can capture new user groups and capital pools. Imagine if PERP could run natively on chains like Solana or Move in the future. That wouldn't just mean faster transactions, but exponential growth in the user base. For a token, this kind of expansion naturally creates incremental demand. Of course, multi-chain scaling presents numerous challenges, such as inter-chain compatibility, security, and governance. But if PERP can address these challenges through modularity or cross-chain bridges, it could find a new moat in the fiercely competitive DEX market. 4️⃣ My Overall Assessment Combining these three points, I believe PERP is currently at a critical inflection point: New derivatives pairs bring increased liquidity and market depth. Dynamic liquidity mechanisms could create a differentiated advantage in capital efficiency. Multi-chain expansion is a long-term strategy to unlock growth and expand the user base. The combination of these three factors could transform PERP from a "legacy perpetual protocol" into a popular target for renewed market interest in the next wave of market activity. 5️⃣ Risks and Uncertainties Of course, I must also remind myself not to be blinded by these positive developments. Derivatives can attract liquidity, but they can also introduce greater volatility and manipulation risks. If dynamic liquidity is not designed properly, it can increase protocol complexity and potential vulnerabilities. Multi-chain expansion is a long-term project, and there's a high probability of encountering technical and governance challenges along the way. Summary: In my opinion, PERP's recent developments aren't isolated incidents, but rather signals an upgrade. The launch of MIRA-PERP demonstrates the expansion of its financial ecosystem, dynamic liquidity is an attempt to build a technological moat, and multi-chain expansion represents a future strategic direction. If all of these can be gradually implemented, PERP's value proposition will be revalued. However, during this process, caution and rationality remain paramount.