Timeline of the Decline
September 2021
$27.86
All-Time High - Peak euphoria
November 2022
$2.00
FTX collapse impacts perp markets
November 2022
$1.20
Trader migration concerns, chain move announced
Current
$0.90
Post-collapse trading
What Went Wrong
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Token Unlocks
Massive token unlocks flooded the market, creating persistent downward pressure on price.
-
Cosmos Chain Migration
The move to Cosmos created uncertainty about existing token value and new tokenomics.
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Competition
GMX, Gains Network, and other perp DEXs captured market share with better tokenomics and user experience.