I've noticed that ever since Binance got hacked, CT has been full of discussio… · @muarmemuar · TwKit

@muarmemuar

I've noticed that ever since Binance got hacked, CT has been full of discussions about how safe perp DEXs really are and whether they're next. I've specifically seen people bringing up Variational and TxFlow Look, guys, all of this is great, but when you farm points on these protocols, you're essentially getting a share of the team's future token allocation as a reward for using the platform. And using the platform also means accepting the responsibility and potential risks that come with it, including the possibility of something going wrong or the protocol getting hacked. It doesn't really matter how it happens: a bug, social engineering, or some vulnerability in the protocol itself That's the whole point. You're essentially testing a platform, and in return, the team rewards you with points. That's how airdrop farming works, in case anyone forgot But instead, you're demanding a level of security higher than what you'd expect from a CEX, where Binance suffered a $6B hack, Bybit lost $1.5B, and Bitget lost $400M. And you're comparing those numbers to relatively new perp DEXs with $290M TVL on Variational and $40M on TxFlow. These are protocols that have only recently entered the market, while the CEXs I just mentioned have been around for almost a decade You're demanding higher security standards from protocols where nobody even asks you to go through KYC, compared to centralized exchanges where every user has to complete KYC verification That's exactly why perp DEXs exist in the first place: to operate outside the traditional CEX system. On a CEX, you have no idea where your funds are actually held. You don't see them on-chain. All you get is a number on your screen, while the exchange also has your personal data through KYC With perp DEXs, I don't necessarily believe in decentralization either, but at least I can track my funds on-chain. I can trade without KYC and watch transactions settle on-chain in real time. On a CEX, you're just looking at numbers on a screen. ADL mechanisms can work however the exchange decides they should, because the exchange itself controls the system. With perp DEXs, you can actually see how things play out on-chain And just a reminder: during the October 10 liquidation event, Hyperliquid, a perp DEX, had fewer ADL-related complaints than Bybit, Binance, or pretty much any other CEX There's no point in arguing about how secure one protocol or another is. Why weren't you discussing the possibility of Binance getting hacked before it actually happened? Or Bitget? Or Bybit? It's easy to point fingers at other protocols and talk about how vulnerable they are after something has already happened At the end of the day, never keep funds on either CEXs or perp DEXs that you aren't prepared to lose. If you can't afford to lose your funds, withdraw them from crypto entirely, put them in your bank account, and trade whatever you want from there You're choosing to make money in an industry with virtually no regulatory protection, no safety nets, and no institutions to turn to when things go wrong, and then you expect guaranteed security in return? Might as well go work for a Mexican cartel and ask them for a written guarantee that they won't cut your head off if something goes wrong

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