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ok since i've opened this can of worms yet again
fully *HALF* (5/10) of the top 10 @DefiLlama perps dex protocols are faking most/all of their volume
go to the Defi Llama perps DEX page and scan the Volume/TVL column for anything over ~5.
all fake.
faking volume is easy. faking TVL is not as easy
@OfficialApeXdex@SynFuturesDefi@SatoriFinance@HoldstationW@jojo_exchange all majority fake volume. naming names, prove me wrong
(disclaimer this 5 volume/tvl number has no basis in actual research but seems to be a reasonable heuristic. check for yourself)
this is not only an insult to the incredibly hard working teams who build actual perp DEXs with actual users and actual volume, it is actively hurting them by siphoning away users to fake protocols run by people who are willing to lie
look, i get it. building an app with zero users sucks. but instead of lying, you should pivot or innovate a better way to attract users or change industries
seriously how have analytics sites not established a better way to screen this by now? this problem is as old as the industry itself
if you click through to the Trade tab on any, it is glaringly obvious. many of them aren't even varying their volumes across time!
what is the point of ranking by volume (by default) if those numbers aren't reliable?!
This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.