Seeing too many people on Fomo Perp Dex, after sobering up, I have some "discordant" thoughts about the prosperous market. The following only represents my personal understanding: 1) The rise of this wave of Perp Dex is inspired by the successful example of @ HyperliquidX. In the first half of 2025, with a total transaction volume of one trillion yuan, Hyperliquid will account for 70% of it. Driven by the dual wheels of transaction fees and repurchases, it has become a phenomenal CEX Killer product. So everyone wants to imitate Hyperliquid, CEX imitates it out of panic, other Perp Dex protocols imitate it out of jealousy, and KOLs Fomo out of fear of missing the next HYPE; 2) The new projects such as @ Aster_deX and @ SunPerp_DEX are CEX's new product thinking for learning Hyperliquid and rebuilding the "exchange" operation flywheel. In other words, it is to use the product thinking of Hyperliquid to build a CEX exchange, and the operation and maintenance model of the exchange to build a DEX. The operational logic is very simple. In the early stage, it attracts LP and large investors to inject capital. In the middle stage, it uses points brushing and airdrops to manufacture Fomo. In the later stage, it locks in traffic with low rates and business rebates. Throughout the process, the technical narrative is more about packaging, and the entire "operational flywheel" is the ultimate skill; 3) HyperLiquid first ran the business logic, mastered liquidity and pricing power, so stories such as CLOB mechanism and high-performance L1 stood firm. Now, newcomers like @ Lighter_xyz, Aster, and Sunperp who follow the trend are also similar. They first use "black box technology" to create hype, brush up beautiful data to attract attention, and then rely on points/airdrops to lock in traffic. For example, Lighter's ZK-SNARK proof verifies that each transaction is currently closed source black box, and who knows if it is true or false; Aster's ZK optimization, multi chain, and anti MEV hidden orders are still in the Roadmap stage, driven solely by @ cz-binance's call for orders. Sunperp won't comment on it, everyone understands; 4) The reason why I criticized the veteran Perp DEX in my previous article for not being able to do it is actually to intentionally guide them in the right direction. Because most of them are still trapped in a technical dilemma that cannot balance transparency, compliance, and business, they may only need to switch to the wild gameplay of the exchange to shine. Imagine that @ dYdX has been stuck by the compliance issue of governance tokens not distributing dividends after going from layer 1 to layer 2 and then to an independent chain for so long, while @ GMX_IO is blocked by AMM's high sliding point, which hinders its expansion ceiling. It can be considered that rationalist builders with technology are all stuck, while newcomers who talk about concept brushing and operational data have become new hope. In other words, if this wave of new Perp Dex forces completely gains the upper hand, it would be tantamount to declaring that the DeFi version of Perp Dex is completely defeated. 5) The success of Hyerliquid lies in its use of a transaction mining+repurchase model to overturn the DeFi model that relied on governance token nesting mining in the past. To be honest, CEX is willing to invest real money to create new focus products and bring more new growth opportunities to the market, which is also good. Retail investors can at least follow the trend and have some soup. But the problem is that the positive growth flywheel of "trading volume fees repurchase token appreciation" has only been implemented by Hyperliquid, and several other new anti disk projects have been fully validated by the market. If it cannot be different from the previous wave of popular CEX creation and Rug's business strategy, can retail investors in the market still withstand the reaping of the big sickle?