BitMEX CEO: Popularity of DEXs like Hyperliquid, Aster won't last

Stephan Lutz, CEO of BitMEX, predicted in an interview with Coindesk that decentralized exchanges (DEXs) such as Hyperliquid and Aster will not be as popular next year as they have been this year. He argued that this is because their incentive-driven business models are too fragile to be sustainable. Lutz pointed out that these DEXs fundamentally operate on a pump-and-dump model, which makes it difficult to maintain liquidity in the long term.