MUX Protocol (MCB)

We’re so used to narratives having a short shelf life. Something I’ve noticed is that some narratives can be sticky across multiple generations with each one bringing new opportunities.

Perp dexes are a good example. I’ve been bullish on this sector since 2020. You can think of sectors as different generations.

Generation 1:

Early projects like MCDEX were among the 1st wave. They were rough around the edges but showed it was possible to run perps on-chain.

Generation 2:

Then came @GMX_IO , @GainsNetwork_io , Levels, and @dYdX . This was the breakout era. Mf’ers got tired of token inflation and they started demanding projects with “real revenue.”

This generation improved on the previous protocols. They fixed liquidity problems, improved user experience, and made perps a lot more mainstream.

Generation 3 (today):

@HyperliquidX is still the clear leader, but now fresh challengers are emerging. @Aster_DEX , @Lighter_xyz , and @edgeX_exchange are stepping in, each aiming to take a piece of its crown.

Here are a few lessons from watching this play out:

• Some narratives stick around for multiple cycles. Perps are proving to be one of them.
• Every new generation needs to innovate. If you just repeat what came before, or you’ll get left behind.
• Missing one trade isn’t the end of the world. New waves always bring new chances.

The big idea? Pay attention to how each wave builds on the last. That’s usually where the best opportunities show up.

It’s interesting to see what other sectors this shows up in. I’m seeing this with Layer 1s obviously and some stablecoin protocols.

I guarantee we’ll keep seeing variations of Friend tech until the end of time (mf'ers gotta farm their followers)

I was hoping to see more innovation with GameFi but I haven’t seen too many yet.

I think we'll see this idea play across DeFAI and A.I. Agents.