The continuous decline in on-chain derivative trading volume reflects changes in market sentiment. This phenomenon is influenced by factors such as the uncertainty surrounding the results of the U.S. presidential election, the tension in the Middle East region, and expectations that the Federal Reserve may not cut interest rates next month. Despite this, the monthly average trading volume in decentralized derivative markets increased by 357% year-over-year in 2024, indicating its sustained growth trend. The introduction of new platforms like Blast and Hyperliquid has further fueled market expansion. However, it is worth noting that despite the influx of new platforms bringing vitality to the market, trading volumes on decentralized platforms remain relatively small compared to traditional centralized exchanges. For example, Binance recorded a trading volume of $46.2 billion in the past 24 hours, while the total trading volume of all decentralized platforms was only $5.1 billion, accounting for approximately 11%.