The biggest application narrative of this round: Hyperliquid In the past, there was a star CEX in every cycle, and the 18-year round was FT, which rewrote the CEX pattern in stages with trading mining, and the last round was FTX, which was led by SBF to lead a violent cycle. What about this round? Bitget? Bybit? Or Uniswap? no, no, no, until the emergence of Hyperliquid, let me see the narrative of this round of window period maybe, overseas Hyperliquid is known as "Binance on the chain", but I prefer it to be "FTX on the chain", Hyperliquid is an on-chain Perp DEX, the main derivatives, the same as the early FTX, founders Jeff and SBF The development path is also similar, they are both born as professional traders, they are all keen on high-performance chains, SBF suppresses SOL, Jeff's Hyperliquid is both an exchange and a high-performance chain, and Hyperliquid is the culmination of "FTX+SOL" At present, the Hyperliquid chain ranks 10th in the TVL of all chains, and the development path of Hyperliquid breaks the traditional conventional L1 model Hyperliquid itself is also a huge narrative, that is, the on-chain order thin, at this stage is the AMM pool model represented by Uniswap, amm is a great innovation, subject to the performance of the public chain but has completed the cold start of on-chain DeFi, but the AMM model is only a product of the limitations of the times, its capital efficiency is actually far less than the order thin model, and the on-chain order thin is the ultimate form of DEX This is also the most important reason why I am optimistic about Hyperliquid, and more importantly, it really ran out, beating a number of L1 and L2, at this time the form of Hyperliquid is still just an application chain, not its ultimate body At present, the opportunity to participate, one is Hyperliquid's points airdrop, the other is the ecological token, the airdrop is nearing the end, the participation is not cost-effective, its related ecological opportunities are the highlight of my attention, fortunately, the Hyperliquid chain is just the beginning, or a barren land, but sooner or later it will bear fruit Yes, I think I found the most likely core hit narrative of this round, which is Hyperliquid