High APY will end up killing any project, this is what makes altcoins very risky, and not all Dex will survive,
Agreed, High APY was just used to attract people to come in for short term. People will farm it and then dump it.
there are just too many dex right now, there is GMX and Vela too, I don't if this numbers of Dexs are really needed, oh I almost forget about Integral, they are high risk and I advise everyone to be cautious with them.
It's almost any new blockchain will have new dex. There are so many dex exist in the market and yeah these dex have very very small daily trade volume caused by the only one that can be a winner. People were just creating dex for money purpose only.
The main purpose for the creation of dex is to get hype and the developers behind these dex are starting to release their own tokens. They were also allocating some tokens for their themselves.
Launching dex during the hype of new blockchain = new users and volume.