I've been closely monitoring the trends in on-chain perpetual trading recently and noticed a pretty interesting phenomenon:

The number of traders visibly increases, but the actual users who are settled on the chain haven't kept up with this growth pace.
The reason is quite simple: everyone is thinking about on-chain sovereignty and freedom, but their habits are still accustomed to the smooth efficiency of CEXs.
Lack of depth, significant slippage, accounts scattered everywhere, cross-chain transfers still need to go around in circles... These issues are not fundamentally unsolvable technical problems; the core issue is that the infrastructure hasn't kept up and hasn't been thoroughly rebuilt.
So, what really caught my eye about @XBITDEX isn't just "another perpetual DEX," but its ambition to completely overhaul the entire on-chain trading structure from start to finish.
The logic:
Under the premise of self-custody, create a closed-loop, complete system for on-chain trading.
Unify the account model so that assets and trading scenarios are on the same layer;
Avoid sticking to a single order book, instead aggregate liquidity for use.
And perpetual is just the starting point; later, prediction markets, smart money tracking, copy trading tools will gradually be integrated.
The significance behind this is huge: on-chain trading will no longer be just a "substitute" for CEXs but will be able to develop its own complete ecological closed loop.
In the past few years, on-chain perpetual trading has been more like an experimental playground where everyone feels their way through;
But moving forward, the focus will be on the robustness of infrastructure.
Whoever can truly structure liquidity will be closer to crossing the scale-up threshold.
Coincidentally, this period also coincides with XBIT's Lantern Festival red envelope event, running from March 3 to March 27 (UTC), with a total prize pool of 88,888 USDC, and participation is only through the app.
I have to say, the mechanism design of this event is quite clever.
A red envelope pool opens automatically at 00:00 (UTC) every day, with each envelope containing a random amount from 1 to 188 USDC.
Depositing 100 USDC grants eligibility for one red envelope; for every 10,000 USDC traded cumulatively, you get an extra chance, with a maximum of 10 trading red envelopes per day.
Encourages continuous activity and gradually develops trading habits.
Additionally, there’s a weekday trading volume leaderboard, with the top 100 each day entering a lottery pool, selecting 10 winners, each receiving 88 USDC.
The top-ranked person of the day can trigger a "critical hit" red envelope of 188 USDC in the next round.
The combination of rankings and critical hits easily boosts trading enthusiasm.
At the same time, this incentive structure aligns perfectly with the product rhythm.
Rewards are gradually released over four weeks, precisely matching the scenario of perpetual trading;
Limiting participation to the app also quietly promotes trading activity to settle into its ecosystem.
Many platforms are currently offering rewards and subsidies, but few have integrated "liquidity structure" and "incentive structure" into a cohesive design.
In fact, on-chain perpetual trading today is no longer lacking in diverse features; what’s missing is a complete system that makes users willingly migrate their trading habits from CEXs.
Once the infrastructure upgrades are in place, the narrative of the entire track will naturally shift.
This year, the competition in on-chain trading will no longer be just about higher APYs or subsidies.
The real contest is about who can better reflect real trading environments while maintaining core on-chain advantages.
I will continue to observe the rollout pace of XBIT’s subsequent modules.
If prediction markets and smart money tools truly take off, trading scenarios will expand.
The next phase of on-chain trading boundaries is gradually becoming clearer.
#XBITRedPacket