Many people see a certain perpetual contract DEX and simply understand it as a trading tool, but they are missing a key point.

Recently, I spent time studying its product logic and on-chain performance, and I discovered something interesting: these platforms are not really competing over trading volume, but over the most core aspect of the entire on-chain derivatives ecosystem—risk pricing discourse power.

This is the key to whether they can break through the encirclement. Trading volume is just superficial; pricing power is the underlying force that determines life or death.