最新报道:BitMEX CEO Stephan Lutz warns that current leading decentralized exchanges like Hyperliquid and Aster may not maintain dominance by next year's Token2049, describing their incentive-heavy models as "inherent pump-and-dump schemes." He notes recent market shifts where Aster surpassed Hyperliquid in trading volume, while Justin Sun announced a new DEX, intensifying competition. Lutz argues these platforms rely heavily on token rewards and fee rebates to attract users but struggle with long-term liquidity retention, exposing retail traders to volatility. In contrast, he believes centralized exchanges like Coinbase are better positioned for sustainability. BitMEX has moved its infrastructure to Tokyo, boosting liquidity by up to 400% in some markets due to reduced latency. Lutz predicts the next crypto cycle will feature lower BTC volatility as institutional adoption grows, making it behave more like a "real asset" with gradual market movements.