Coinbase data shows that by 2025, the monthly trading volume of on-chain perpetual contracts will have reached $1.2 trillion. Behind this figure, it indicates that the focus of derivatives is shifting from centralized platforms to on-chain structures.

This round of growth is not driven by sentiment but is jointly propelled by trading experience, capital efficiency, and composability. An increasing amount of trading volume is choosing to be executed on DEXs, where perpetual contracts are no longer just supplements but the core amplifiers of on-chain liquidity. Data from Coinbase essentially confirms that this structural change has already occurred.

The potential of Ferra is precisely built on this trend. It is not about doing a single trading mechanism but about constructing a system around liquidity itself: from DLMM’s market-making efficiency, to Guild’s collaborative liquidity, and to Feeds integrating trading, LP, and social behaviors into a closed loop. This design is naturally suited to meet the demands of high-frequency, complex, and long-term derivatives.

As on-chain perpetual contracts reach the trillion-dollar scale, what truly matters is not just matching capabilities but who can retain, reuse, and continuously amplify liquidity. Ferra chooses to approach from the perspective of liquidity capital markets, rather than just providing a trading interface. This determines that its ceiling is not dependent on short-term market conditions but on the long-term growth rate of on-chain derivatives.

If the current data is telling the market anything, it’s that the stage is already big enough. The next thing to watch is which protocols are truly ready to handle this volume! I believe Ferra is very likely to support derivatives on the Sui chain!

#KaitoYap @KaitoAI #Yap @ferra_protocol