The primary task for contract exchanges is user acquisition, as 90% of contract accounts do not survive beyond six months.

Therefore, exchanges will ultimately compete in their ability to attract new users. The biggest challenge for perp DEXs in competing with CEXs will be this, as most novice users (the main source of contract transaction fees) are indifferent to decentralization.

DYDX achieved a cold start through tokens, at the cost of losses for all coin buyers, leading to the platform's decline; GMX distributes profits to LPs and token holders, but this limits the platform's potential and, combined with the constraints of its mechanism, can only secure a small niche.

New perp DEXs continue to emerge, but to attract users from Binance, they certainly cannot rely on being "more decentralized"—many users trust cross-chain bridges and wallets less than Binance, because although Binance is decentralized, the trust derived from its strong capital reserves is already sufficiently powerful for small retail investors.

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