In less than a cycle, the once-leading dydx's trading volume has been far surpassed by hyperliquid. There are two questions:
First, if dydx (@dYdX) hadn't focused its efforts on building its own chain, would its situation be better than it is now?
Second, given the current rate of replacement, will hyperliquid (@HyperliquidX) continue to maintain its leading position? Previously, dydx was surpassed by gmx, and then gmx was surpassed by hyper. Where exactly is the moat of perp dex? How deep is it?
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