The primary way of valuing crypto assets is attention.

This article discusses the investment case for decentralized perpetual protocols. While Cryptocurrency futures volumes historically dwarf spot volumes, on-chain spot volumes currently exceed on-chain future volumes. This was largely due to throughput constraints on the execution layer of L1s, making on-chain order-book exchanges unfeasible. However recent advancements in L1 scaling allow the creation of flexible decentralized perpetual protocols. The article examines the growth and development of new decentralized perpetual exchanges. The architecture of various decentralized perpetual is explained focusing on Hyperliquid, IntentX, Vertex, Injective, DYDX, and GMX. Fees, Growth, and Market Capitalization of decentralized protocols are examined and compared with DEX and CEFI competitors. Finally, the article discusses how Incentive programs, Long-tail asset strategies, and improvements in user experience will act as catalysts for future growth.