⚡ Another key signal: DEX's market share exceeded 25% for the first time in May, reaching a historic high—— CEX is not dead, but liquidity and users are beginning to structurally divert. According to this deduction, DEX may surpass CEX in 2028 and dominate the market by 2030. This prediction may be optimistic, but the trend direction is correct. The truly important issue is: How can retail investors mine the next blockchain revolutionary like Hyperliquid on the chain? Last time we talked about narrative and product structure, this time we're going to talk about how to mine it. I have summarized three core ideas—— one ⃣ See whose liquidity is growing? Don't just look at the TVL rankings, you should take a look at: 1) Transaction depth: How many contract pending orders are there? Can you handle a large order? Can the small order not be stuck? Go to the DEX aggregator (DefiLlama, Dexscrener) to see the trading volume and slippage points of different pools, focusing on those pools where the trading volume rises on certain days, but the token incentives are not exaggerated. 2) Liquidity sustainability: Should it explode for a while and leave, or can it stabilize? Pay attention to whether the project can maintain the depth of pending orders in high volatility market conditions (such as market volatility and hot spot switching). Many TVL surges are a false incentive for liquidity pools. Hyperliquid and Aevo have accumulated trading flows through real market making and deep buying, not just by issuing tokens. two ⃣ Whose users are changing? Don't just look at what's going on in TG and DC, the main thing is to analyze the user behavior on the chain: 1) Analyze on chain wallets: Use tools such as DeBank, Arkham, and Nansen to track the addresses of large clients in the protocol, see which funds flow in, and whether there are professional arbitrage platforms, quantitative teams, and large client positions, rather than just small-scale interactions. 2) Observe the temperament of the community: Are there more and more discussions on trading experience, arbitrage opportunities, and market making returns in the community? Or is it just about 'when to airdrop' and 'when to release coins'? The projects that can truly attract CEX users are upgraded synchronously through community discussions and on chain behavior. Like Hyperliquid, it has transformed from a retail market focused on accumulating points to a high-frequency market with trading volume, commission rebates, and follow-up strategies. The upgrade of this user profile is the typical signal of on chain revolutionaries. three ⃣ Whose income model is truly profitable? The most important and easily overlooked step—— 1) Compare the agreement fee to incentive ratio Go to the project website DefiLlama、Token Terminal， Find out how much revenue the protocol itself generates and whether it mainly comes from transaction fees. If the token incentive is stopped and the revenue returns to zero, it is a typical case of false prosperity. 2) Check the flow of funds To whom does the project revenue flow go? Are they all returned to LP, stakers, and holders, or are most of them eaten up by the protocol parties themselves? Which protocol tokens can capture income without relying on subsidies? The protocols such as Uniswap, GMX, and Hyperliquid that have emerged rely on trading to generate revenue. Trading is the fundamental foundation for DEX to establish itself and is the lifeline that determines life and death. Tokens are just profit sharing tools.