Binance’s recent statement about market makers, in CP’s view, feels like a classic case of protesting too much. This cycle, across the crypto space, whether exchanges, institutions, or retail traders, many have grown increasingly frustrated with Binance. Trust in Binance has eroded significantly. Market makers, institutions, and retail participants alike are gradually shifting both capital and battlefield toward Perp DEXs. What the market is looking for is a trading environment that is decentralized, transparent, and less restrictive. As a side note, speaking of transparency, since October 11 until now, Binance still hasn’t released the full underlying facts or detailed data. Perp DEXs are likely to be the ignition point of the next major market cycle, and notably, Chinese teams already control a substantial share of this sector. If CP’s thesis holds true, then the potential 100x opportunities are likely among the projects shown in the attached figure. In the next bull market, capital flowing into this sector could rank among the top two across all narratives. Most major CEXs are now quietly building or backing their own DEX ecosystems, effectively staking territory in a long game designed to challenge Binance’s dominance. Of course, Binance is well aware of these dynamics. Last year, it launched @Aster_DEX Take a closer look and you’ll notice a pattern: many projects on Aster start there as a launchpad, and eventually make their way onto Binance. In other words, Binance is attempting to engineer another closed-loop ecosystem, similar to what it did with @fourdotmemezh Ultimately, the endgame structure of the crypto market will likely settle into a 50/50 balance between CEXs and Perp DEXs.