When it comes to the hottest topic this week, it’s undoubtedly the PERP DEX theme that’s been all the rage. After CZ successfully built the BNB ecosystem several times, everyone witnessed the $ASTER on-chain exchange surge from $0.08 to $2.35 in just a few days, a nearly 30-fold explosive increase. This is certainly not the end, but rather the starting point for everyone’s focus on PERP DEX. Since the collapse of FTX, the market's demand for "on-chain transparency + CeFi experience" has skyrocketed. Although many derivative DEXs have emerged during this time, they either have excessively high fees, poor user experience, or simply lack liquidity. Over time, everyone has almost concluded that avoiding internal competition in on-chain derivatives is too difficult. The emergence of Paradex, however, seems to have opened up a new path. In fact, very few people in the Chinese community know that @tradeparadex ranks among the top three in DEX trading volume. Most people are only aware of big-name on-chain exchanges like $HYPE and $ASTER that have already issued tokens, and rarely pay attention to other on-chain exchanges that have not issued tokens or are undervalued. Of course, new PERP DEXs are emerging to compete for market share, but from the user's perspective, it often feels like a one-sided deprivation. So why can't there be a win-win situation? The most frustrating things about playing contracts on-chain are two: the fees are exorbitantly high, completely draining high-frequency traders; and most alliance mechanisms are caught in internal competition, with platforms deliberately raising trading fees to support promotions, ultimately leaving users to foot the bill. Paradex's approach is very straightforward: it simply eliminates all these small accumulated fees, with the Zero Fee Perps program funded by market makers, allowing traders to trade with zero fees, keeping all the savings as their net profit; combined with the TAP program, rewards are not deducted from fees but come from a separate 1% independent token pool for promoters, allowing them to receive real tokens without worrying about the platform competing for profits. Imagine if you are a high-frequency player, paying 5–10 bps per order on a CEX, which accumulates to an astonishing hidden cost over time; but on Paradex, zero fees allow strategies to run without loss, fully preserving profit margins. Looking at TAP, unlike traditional CEX alliances that rely on collecting fees to survive, the platform, alliance, and users are in opposition. In Paradex, the dividends come from a dedicated reward pool of 10 million DIME tokens, and there’s a lock-up mechanism. Those who choose to lock up long-term can even capture all the rewards deducted from Mercenary, truly achieving a win-win outcome where token appreciation benefits everyone. Paradex's biggest advantage is its straightforwardness: completely Zero Fee, trading without spending a dime, allowing high-frequency players to keep their net profits, and even airdrop players can come without worry about wear and tear. The alliance *TAP also doesn’t follow the old path, not relying on harvesting users to share profits, but rather tying the platform and community together, so when the token rises, everyone benefits. Additionally, backed by Paradigm incubation (the world’s largest options liquidity network, with a cumulative transaction volume exceeding $700 billion), liquidity and resources are very stable within the industry; the experience is enhanced by Starknet ZK-rollup, achieving thousands of TPS and two-second finality, with one-click mobile login, almost matching the fluidity of CeFi. At this point, it should be clear why I believe Paradex is currently a more promising and non-internal competitive DEX - based on Zero Fee and TAP, it not only follows the trend temporarily but also directly promotes a change in the game rules. I will be there, and of course, everyone is welcome to join.