The so-called decentralized exchanges (DEX) that are becoming increasingly popular now, such as Hyperliquid, GMX, and DYDX, are essentially still centralized; they just do not require KYC, making them centralized exchanges dressed in the guise of decentralization.

The success of Hyperliquid is attributed to the Trump administration's super-friendly policies towards cryptocurrency. If the Democrats were in power, several founders of the platform would likely have already been imprisoned, just like the developers of the Tornado Cash mixer—who were accused of money laundering and other charges, arrested, and had their front-end code forcibly removed from GitHub.

From the current policy environment for DEX, CZ was fined $4.3 billion for violating anti-money laundering laws and spent four months in jail, which is incredibly unjust.

Currently, Aster is essentially a project initiated by CZ, operating as a pseudo-decentralized exchange on the centralized BSC chain.

The outlook for DEX is not optimistic. If Trump's term ends, these pseudo-decentralized exchanges may face more severe policy crackdowns, especially as the regulatory environment tightens. Additionally, security vulnerabilities at the code level will become a major challenge, as numerous exploit attacks and trading attacks could put customers' funds at significant risk.

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