Not just about brushing bp, everyone concerned with DEX should seriously read Armani's article from 2/17; it is very profound.

The built-in translation is quite unclear, so I recommend feeding it to AI. I will summarize the main points here, but the original text is still highly recommended for reading and learning.

Armani mainly discussed these three things:

1/ Views on DEX

He believes that PerpDEX is the ultimate form of offshore speculation, solving the trust issue with intermediaries through technological means, which is a technological upgrade over existing CEX.

Indeed, at least currently, it seems that DEXs like Hype Var are gradually eating into the market share of CEX.

2/ Compliance is key

Backpack is following a compliance + on-chain hybrid route, not competing for DEX's speculative business but aiming to create a licensed on-chain entry.

For the simplest example, funds can be directly withdrawn to a Hong Kong digital bank from bp, compliant and legal, with ultra-low friction, a hundred million times safer than OTC of u merchants.

Just this point alone has slammed other non-compliant DEXs down.

3/ Misaligned vision

Many crypto projects are playing a zero-sum game, harvesting the inside circle, while bp aims for the incremental market, moving Apple stocks, government bonds, and fiat systems onto the chain.

What killed Motorola was never the harder Nokia, but Apple, which created a comprehensive new era through misaligned competition.

bp is the same; from the day it was born or from pointfi, it never thought about competing for scraps with other DEXs.

Getting KYC/AML right and opening compliant deposit and withdrawal channels will naturally attract smart capital during the upward cycle from Web2, coming over from Wall Street, to compete for that measly Web3 native plot of land, which has never been bp's vision.