It's clear that there's a trend: projects like @Lighter_xyz and @grvt_io are desperately flexing their muscles in the layer2 Perp space, seemingly trying to catch up with @HyperliquidX. However, this feels a bit like "getting up early but arriving late"—the prosperity of Perp DEX should rightfully belong to layer2, so how did it get hijacked by other Alt-L1s like $ASTER? 1) The key issue isn't complicated. The four kings of layer2, such as Arbitrum and Optimism, are all focused on creating general-purpose Rollups, which limits their TPS and block time. Factors like transaction finality, state synchronization, and the overhead of complex calculations will become burdens, making it impossible to compete with products like Hyperliquid that offer sub-second experiences comparable to CEX. Thus, blindly pursuing general-purpose solutions is the original sin. Lighter is quite clever, no longer getting tangled up in so-called generalization, and has optimized for specialized trading from the perspectives of ZK circuits and order book matching, allowing their trading volume to rival that of Hyperliquid. Other layer2-based Perp DEXs must abandon generalization design as the first step to reclaim lost ground; 2) Most layer2 Perps are still stubbornly sticking to the old AMM logic or trying to mix in order book designs. @GMX_IO, once the big brother of layer2 Perps, has already validated that the ceiling of sticking to AMM is evident. Issues like impermanent loss, MEV attacks, and slippage directly affect the inflow of institutional-level large orders and high-frequency trading, which are nearly non-existent in Hyperliquid's full-chain CLOB+HLP model; Therefore, if Layer2 Perps want to turn things around, they should fully embrace a native CLOB architecture. The previous so-called gradual improvements have already been disproven by dYdX's exit not long ago? 3) The old DeFi mining incentives of Layer2 have lost their appeal. New Perp players like Hyperliquid offer not only underlying trading performance but also diverse gameplay, such as MEME culture integration, point airdrops, token buybacks, etc., providing users with significant improvements in experience and gameplay expectations; Moreover, the liquidity in Layer2 is severely fragmented, with everyone using various incentive methods to compete, which directly increases users' cross-chain bridging costs and benefits many third-party cross-chain bridge projects, failing to directly enhance user stickiness to their own protocols; That's all. There are indeed quite a few Perp DEXs in the Layer2 lineup. Besides the projects mentioned above, there are also @SynFuturesDefi, @OrderlyNetwork, @tradeparadex, and many others continuously building. GRVT recently secured $19M in funding, showing that Layer2 Perps have never given up on seizing discourse power. Even if they get knocked down by Hyperliquid, they should at least have some fighting chance compared to @Aster_DEX and @SunPerp_DEX, right? Don't forget, the massive stablecoin and DeFi TVL accumulated in the Ethereum ecosystem is an absolute advantage that other L1s do not possess.