A New Name for a New Era

Messari's annual report has become something of a New Year tradition for the crypto industry - it always feels like a gift to the whole space. It's always exciting to read, and even more fun to discuss it later with colleagues.

The Crypto Theses 2026 report will clearly spark many conversations as well. I haven't finished it yet, but one tiny detail immediately caught my attention.

Instead of the common term "perp DEX", Messari describes the trend that shaped 2025 with a different, much more accurate name: "onchain derivatives". And they mention it separately from DEXs.

And I'm genuinely happy to see that. The word "DEX" is often used too loosely - sometimes even for platforms that could technically be switched off if the team, or someone influencing them, decided to do so. Many high-profile "DEX" brands work exactly like that, and it always felt misleading when even experts continued to call them decentralized exchanges.

Messari handles this more carefully, calling them "competitors of perp DEXs" rather than perp DEXs themselves. What's even more interesting - when real perpetual DEX platforms are mentioned in the report, their names are not the ones usually dominating headlines.