Core Insights - A significant portion of the cryptocurrency market consists of "dead tokens," which are projects that have ceased development but still exist and trade [1][7]. Group 1: Definition and Characteristics of Dead Tokens - A "dead token" refers to a crypto project where development has stopped, and there is no practical use case, yet the tokens remain tradable due to active smart contracts [3]. - Trading of dead tokens is primarily driven by speculators rather than genuine investors [4]. Group 2: Statistics on Dead Tokens - Over half of all cryptocurrencies launched since 2021 have failed, with approximately 3.7 million out of nearly seven million projects considered failures [5]. - The number of dead coins launched in recent years includes 2,584 in 2021, 213,075 in 2022, 245,049 in 2023, and projections of 1,382,010 in 2024 and 1,821,549 in 2025 [6]. Group 3: Market Dynamics - The influx of new tokens, particularly from low-effort projects, has contributed to a market filled with lifeless tokens that remain tradable [8]. - Some once-prominent projects, like LUNA, continue to trade despite their significant failures and halted development [9].

Core Insights - The crypto market is experiencing a record-setting phase with trading volumes reaching new highs, raising questions about the underlying strength versus fragility of the system driven by leverage and speculation [1] Group 1: Market Developments - Perpetual futures trading volume surpassed $100 billion, marking an all-time high (ATH) for decentralized exchanges (DEXs) focused on perpetual contracts [2] - Between 2023 and 2025, perpetual DEX volume increased from $647.6 billion to $1.5 trillion, a 138% year-on-year growth, with market share rising from under 10% to 26% of global perpetual futures trading [4] Group 2: Technological and Structural Changes - Perpetual DEXs operate entirely on-chain, utilizing oracles and automated funding rates to align contract prices with spot markets, a model that has rapidly matured due to regulatory pressures on centralized exchanges (CEXs) and advancements in execution technology [3] - Innovative platforms like Hyperliquid (HYPE) and Aster (ASTER) are driving this boom, with Hyperliquid utilizing a fully on-chain order book and Aster integrating with BNB Chain for advanced trading features [5][6] Group 3: Market Concerns - Critics express concerns that the surge in perpetual volumes is overshadowing spot markets, suggesting that prices may be artificially supported by speculative leverage rather than actual demand [7]