The history of perpetual contracts is essentially a history of continuously improving liquidation efficiency.

From the early days of non-expiry betting, to CFDs in the 1970s, and then to the establishment of perpetual contracts as a standard in the cryptocurrency market in 2016, after 2018, the market has been almost entirely dominated by liquidation lines. This logic has persisted for nearly 150 years.

As long as there are liquidation lines, they will eventually lead to forced liquidity.

Both bulls and bears are actually correct; the mistake lies in greed and that cold, merciless liquidation slaughter line. True evolution does not seek answers from direction but is driven by liquidation; what we want is to prioritize survival.

This is also why I chose @protocol_fx and have been deeply involved for the long term. It is not an exaggeration to say that fx is driving a structural evolution in cryptocurrency perpetual contracts, whether centralized or decentralized.

1880–2023 is the attribution of contract history; after 2023, fx seems to be making attributions for the future.

At least so far, I have not seen a second protocol that can place history, reality, and the future on the same chart, truly standing in the user's perspective to find a path to survival. $BTC $ETH #何时抄底？