💭 Seeing BitMEX shut down after 11 years feels a bit surreal.

💬 BitMEX was one of the exchanges that introduced perpetual swaps to crypto, and for a long time it was the place to trade. But markets change faster than most people expect.

Right now is a tough market. Liquidity is fragmented, competition is everywhere, and users are becoming much more selective about where they trade.

💡 One thing that’s interesting is how much attention perpetual DEXs are getting. Self-custody, on-chain transparency, and no middleman are becoming bigger priorities than they were a few years ago. Doesn’t mean CEXs are going away, but it does feel like there’s still plenty of room for decentralized perpetual trading to grow.

🌈 Every cycle has its winners and losers. The next generation of trading infrastructure is probably being built while the market is quiet.