2026-01-04 04:28:07

After observing some recent statements from a leading DEX founder, I increasingly feel they are hinting at entering the on-chain derivatives track. From the perspective of the largest DEX trading gateway, abandoning this piece of the pie simply doesn't make sense. The issue isn't whether to do it, but how to do it.

Is fully decentralized on-chain derivatives truly feasible? This is the real dilemma we face. How do current derivative platforms operate in the market? Key processes like matching, clearing, and risk control are still centrally controlled by the platform, with all the influence in their hands. Yet, this semi-centralized approach is actually accepted by the market. What does this imply? It indicates that pure decentralization still has unresolved issues in engineering and risk management.

If a leading DEX truly launches its own derivatives, it could be akin to the moment in 2019 when a major exchange launched futures trading. Will this cause a major reshuffle in the market landscape? It's too early to tell, but it's worth pondering.

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SmartContractRebel

· 01-06 21:37

In simple terms, it may look decentralized, but someone still has to bear the risk; otherwise, who will handle the liquidation risk? Giving up profitability purely for ideals—wouldn't that be a deception?

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DAOdreamer

· 01-06 19:05

Purely decentralized derivatives are indeed hitting a wall in reality; let's face it, risk control and clearing are unavoidable hurdles.

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TopBuyerBottomSeller

· 01-06 10:51

Purely decentralized derivatives are indeed a tough nut to crack; without proper risk control, it's a ticking time bomb. Semi-centralized ones tend to do better, which is contradictory.

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BearEatsAll

· 01-04 04:57

Purely decentralized derivatives are, to be honest, a false proposition; risk control is the bottleneck.

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GasDevourer

· 01-04 04:56

Here comes the rehashing again; the true derivatives track has long been exhausted and internalized.

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MetaMasked

· 01-04 04:56

Pure decentralized derivatives sound very cool, but in reality, the ones that actually work are still the semi-centralized systems. That's the reality.

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RugResistant

· 01-04 04:37

Pure decentralized derivatives... to be honest, it's just not feasible right now; risk control is always the ceiling. Semi-centralized ones are actually thriving, isn't that ironic?

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DefiSecurityGuard

· 01-04 04:32

⚠️ DYOR carefully here... "Semi-centralized solution" sounds good, but when liquidation and risk control fall into human hands, it becomes an exploit vector. How many times have I seen this?

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ApyWhisperer

· 01-04 04:29

It's the same old story again. Purely decentralized derivatives should have been abandoned long ago. Isn't semi-centralization the answer now?

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