Remember the early days of the DEX (Perp) market? It was basically dominated by @HyperliquidX, holding over 90% of the market share. After @Aster_DEX launched, the tables turned. If I recall correctly, Aster at its peak held over 70% of the market share. Although there’s always been controversy around wash trading, subsidies, and inflated data, time will reveal the truth. Looking at the latest data from December 15th, the DEX (Perp) market is moving into a healthier phase: Aster is first, Lighter is second, and Hyperliquid is third. First-mover advantage doesn’t always mean long-term success. Binance @binancezh is a perfect example of this—trust CZ @cz_binance! ~