2026-01-18 10:27:55

The current state of the derivatives DEX market prompts reflection—there are currently only five platforms with OI exceeding 1 billion. The four major platforms Hyperliquid, Aster, Lighter, and edgeX dominate the market with their respective strengths, but the variational OI data is unusually high. The reasons behind this are worth examining. Is it because the products themselves are highly user-friendly and have excellent liquidity design, leading to natural user growth and data increase? Or is it due to airdrop incentives and point farming mechanisms artificially boosting OI data? Both possibilities exist. The former reflects genuine market competitiveness, while the latter involves sustainability issues. This also reminds us that when evaluating emerging DEXs, we should not only look at surface data but also deeply understand the growth drivers.

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DeFiChef

· 8h ago

It seems that the variational data has surged quite rapidly. Is it truly genuine value or just mining and pig farming? I'm a bit confused... Airdrop farms are now a common trick, and inflated OI has long been nothing new. The question is, will users really stay... Among the top five, only one is a newcomer. The level of competition in this sector is just so-so.

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ForkItAll

· 8h ago

Damn, the variational data is a bit outrageous. It’s definitely another airdrop farm scheme.

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AlphaLeaker

· 8h ago

Airdrop farms are back, OI data is blowing up, waiting for the wind to blow and it's all bubbles

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NightAirdropper

· 8h ago

Airdrop farms boosting OI—this tactic is too familiar. Once the incentives stop, the true nature is revealed. Genuine retention data is the real key.

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AltcoinTherapist

· 8h ago

Hmm... The variational OI data is indeed outrageous. Either the product is truly top-notch, or it's just airdrop farming trick. --- Five companies surpassing one billion, sounds quite few... Feels like the liquidity battle isn't over yet. --- To put it simply, it's hard to tell whose data is real. That's how it is these days. --- Hyperliquid is stable, but I always feel the next wave is burning money wildly to catch up. --- The strategy of boosting OI through points farms... I've seen it all before, haha. --- The core question is whether growth can be sustained. Hot money leaves, and the data just evaporates. --- Looking at OI rankings alone is meaningless; what's important is whose user retention rate is higher. --- If variational truly relies on product strength, it would have surpassed Hyperliquid long ago. The current state... you know. --- DEX competition is getting more intense, but most platforms still rely on incentives to stay active. --- This analysis hits the point. Behind the surface prosperity, there's a lot of chaos.

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