BTC.D is probably the most-watched metric across every cycle rotation and there's been no clean on-chain way to trade it with leverage since Binance quietly killed their BTCDOM tokens. 250x on dominance perps sounds tame until you remember alt season can gap dominance 5-8% in a week — that's mass liquidation territory on a metric most people think moves slowly. Oracle design is everything here: you need accurate total crypto market cap in real-time across thousands of assets, and any staleness at 250x turns the protocol into a liquidation factory, not a trading venue.

Top comment by @Benthic