The competition in the derivatives track is becoming increasingly fierce, with most projects clustering around high leverage and aggressive incentives to compete for short-term users. But there are also teams looking further ahead—for example, choosing to focus on infrastructure development, which is more challenging but more sustainable.

The approach of these projects is very clear: instead of burning resources on leverage racing and subsidy wars, they focus on three fundamental issues—product depth, liquidity infrastructure, and risk control systems. It may seem slow, but in reality, it is about building a moat. Ultimately, the derivatives market is a contest of longevity, not just the trading volume in a single month.