2025-12-31 17:26:35

When I saw the trading data of a certain leading DeFi derivatives platform, I was a bit shocked. $86-87B in cumulative trading volume, and maintaining around $20B in the last 30 days—these numbers are indeed explosive. But upon closer reflection, the real issues behind these figures are not so simple.

Focusing solely on the trading volume can easily lead to a misconception. The real question to ask is: what does this trading frequency and ecosystem rhythm mean for participants? Are institutions engaging in frantic arbitrage, or are retail investors caught up in high-frequency trading? With the ecosystem operating at such a fast pace, do you really want to operate at this speed?

Perhaps, behind the numbers, is what ecosystem participants should truly pay attention to.

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VirtualRichDream

· 4h ago

Numbers look good, but how many can actually make money? Everyone is chasing speed, but in the end, they get cut even faster.

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ChainSherlockGirl

· 4h ago

Haha, a $20B monthly trading volume sounds impressive, but after digging into the wallet addresses, I realized—most of the big players are repeatedly moving funds, and retail investors are really being drained. --- Wait, the trading frequency is truly outrageous. Based on my analysis, over 70% of it is probably arbitrage bots having a party. --- What does the data show? It indicates that this platform has turned the ecosystem into a meat grinder, and before you know it, positions are liquidated. --- That $20B figure is toxic. Looking at the on-chain transfer records, it's mostly the same addresses bouncing back and forth. Just my personal speculation—this is a vanity metric. --- What's really interesting is that the higher the trading volume, the more dangerous the ecosystem becomes. Everyone is betting on the other side running first. --- I just want to ask, with this speed, who can make money? Anyway, I think only the exchanges are earning fees. --- Plot twist—recently, large holders have been reducing their positions. The $86B trading volume can't support such a mass exodus.

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AirdropF5Bro

· 4h ago

20B sounds impressive, but is it really trading volume or just moving from one hand to the other?

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quietly_staking

· 4h ago

Numbers look good, but there's no creativity. The ones who are truly making money have already moved on.

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LeverageAddict

· 5h ago

Really not, the number 20B looks explosive, but on second thought... arbitrage bots are taking the biggest share, while retail investors like us are still being harvested here.

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