Perpetual contract DEX track competition is fierce, but in terms of product features and liquidity depth, there are indeed many projects working on differentiation. Many trading pairs have relatively complete feature designs and risk control mechanisms, and trading depth remains among the industry’s top levels. More interestingly, the supporting stablecoins generate continuous passive income for holders through specific yield mechanisms—this design is particularly attractive during bear market cycles. Recently, market expectations for the valuation of such projects have been adjusting. Once product iterations progress steadily and the user base continues to grow, they are expected to attract the attention of leading exchanges. These DEXs that combine trading depth and stable returns indeed have the potential to become safe havens in a bear market.