Original Author: Haotian (X: @tmel 0211)

Most people are probably still confused about why Perp Dex suddenly became so popular. Is it really due to @czbinance, the king of calls in the universe, or is it @czbinance's attempt to counter @HyperliquidX's strategy? Yes, but it's not that simple:

Following the logic of the previous article, let me add another insight: The Perp Dex led by Hyperliquid is not revolutionizing centralized CEXs in a decentralized DEX manner, but rather inventing a brand new species: Neutral Exchange.

Oh, I’ve coined a new term again, doesn’t it sound a lot like "neutral person"? That's right, in the context of Crypto, it means an exchange that is "neither purely decentralized nor blatantly centralized."

Why do I say that?

For example: Hyperliquid has a very decentralized aspect, with on-chain asset custody, a separation of execution engine and consensus layer, application layer verifiable on its independent chain, user-controlled private keys, no KYC, open-source code, etc., which is indeed very web 3;

But honestly, there are a group of fundamentalists who criticize its few verification nodes and centralized control, and to optimize transaction execution speed, many operations on the execution layer do not require complete consensus confirmation, etc. This is quite different from traditional concepts of on-chain transaction settlement Finality, block synchronization, and so on.

The contradictions in other nascent imitation Perp Dex are even more pronounced. Besides the technical characteristics I mentioned earlier being a black box, there are many strange features, closed source, no blockchain explorer, only partial state update data synchronized to L1, and not even a complete on-chain record.

Of course, this kind of variant has precedents in some other high-performance L1 and Layer 2, all aimed at achieving a triangular balance of decentralization, performance, and security.

But this wave of Perp Dex variants is more thorough, for example, Ethereum layer 2 replaces decentralization with centralized Sequencer, but has been cultivating in the Fault Proof and Stage 0-2 technical routes for a long time, while the new force Perp Dex, naturally prioritizes trading efficiency, and even boldly critiques that it doesn't matter if they are not blockchain.

At this point, you might guess what position I stand on? I embrace the market.

Because this is the "soul fusion technique" produced by the long-standing tug-of-war for liquidity between CEX and DEX.

In other words, this "neutral" characteristic is actually an inevitable trend evolution:

1) Purely decentralized DEXs have always suffered from slippage, MEV, gas fees, complex liquidity management, and component stacking security risks, which has severely slowed down the pace of large-scale adoption of Crypto infrastructure;

2) Traditional centralized CEXs face regulatory, compliance, trust crises, and various ways of leveraging attention-grabbing advantages to extract liquidity from the entire industry through a combination of "products, operations, and marketing," in other words, they stifle all on-chain innovation in the cradle;

You see, "neutral" exchanges happen to sit in the middle, retaining a CEX-level user experience while making certain compromises and innovations in asset security and transparency. Its emergence can actually declare a "reconciliation" of the long-standing grievances between CEX and DEX.

Therefore, the emergence of Hyperliquid does not threaten Binance at all; on the contrary, it has helped Binance like a catfish, propelling $BNB to break a thousand.

At this moment, CEX exchanges focused on Alpha, wallets, and trading chains no longer need to worry about the so-called "decentralized fundamentalism" moral coercion; they can fully embrace the name "Neutral Exchange," blowing bubbles and indulging proudly.

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