Crypto rotations are quick and brutal but perp dex traders are even more aggressive. Money can move from one dex to another in no time. There is no loyalty, only better trading experience and incentives. That is why we saw dydx -> GMX -> Hype rotations in just a few years. Less than two years ago GMX and dydx were fighting head to head for the top spot. Then HL overtook them both out of the blue. What is the chance HL stays the leader for one more year when others failed to sustain the dominance? Other DeFi sectors rotate slower. Aave still dominates lending. Uniswap has been the leader in spot since the start of DeFi. Lido is still leading staking even as other LSTs bring new incentives.(Ignas | DeFi)