After the opening of Dydx in 21 years, many VC coins started by "executives" of exchanges in 21-22 years said that they would benchmark against Dydx and kill Dydx, and finally ran out of Gmx... This wave of "well-informed" on-chain Dex says that it wants to surpass Hyperliquid, so the question is, what kind of weird thing will come out? To be honest, it is relatively useless to do Perp Dex institutional endorsement and big brother support, Drift and Aevo in the same period of Hyperliquid are supported by top investors + big firms, and Paradex in the back is a network of market makers + a large number of Pro traders, and those who should get off work are still off work. Making Perp Dex is a business that requires a lot of skill points, and everything else is useless if it is not its own. Liquidity, market depth, user experience, etc. are all indispensable. I have experienced the popular ones now, but they are still far from being seen.