An overlooked trend: On-chain perpetual contract DEXs are projected to surpass $1.2 trillion in monthly trading volume by 2025. What does this mean? 1. Traders are increasingly willing to execute large orders on-chain. 2. DEX liquidity, execution quality, and capital efficiency are approaching those of CEXs. 3. Clearing and fund flows are becoming more transparent. This isn't just about "decentralization faith," but a real shift in market structure. Derivatives still dominate the crypto market—the difference is that more and more of this is happening on-chain. The trading infrastructure for the next cycle may be completely different from this one.