The biggest app narrative of the round: Hyperliquid In the past, there was a star CEX in each round of the cycle, and the round in 18 was FT, which rewrote the CEX pattern in stages by virtue of transaction mining, and the last round was FTX, which was led by SBF in a violent cycle. And 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, in overseas Hyperliquid is known as "on-chain Binance", but I prefer it to be "on-chain FTX", Hyperliquid is an on-chain Perp DEX, focusing on derivatives, the same as the early FTX, the founders Jeff and SBF have similar development paths, both are born as professional traders, and they are both keen on high-performance chains, SBF holds down SOL, Jeff's Hyperliquid is both an exchange and a high-performance chain, and Hyperliquid is the sum 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 is based on the application chain as the entry point, and it is a derivatives transaction, with enough ceiling space, with Perp DEX as the core, to build its DeFi ecology that is different from other chains Hyperliquid itself is also a huge narrative, that is, the on-chain order book, at this stage, the chain is represented by Uniswap AMM pool model, amm is a great innovation, subject to the performance of the public chain but 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 book model, and the on-chain order book is the ultimate form of DEX This is also the most important reason why I am optimistic about Hyperliquid, and the more important thing is that it really ran out, beating a lot of L1 and L2, at this time, Hyperliquid's form is still just an application chain, not its ultimate body At present, the opportunities 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, and 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 be fruitful yes, I think I've found the most likely core hit narrative of this round, which is Hyperliquid