From Hyperliquid's Infra myth to when I started paying attention to DDEX, I'm becoming more and more certain of one thing: The paradigm shift in crypto has never been about a single technological breakthrough, but rather the combination of tech evolution + changes in the way benefits are distributed. Hyperliquid, with just an 11-person team, generated $820 million in annual profit in 2025 alone, becoming the most efficient money-making company in the world. It also proved that Perp DEX can now directly compete with CEX in terms of performance and efficiency. But its value mostly stays within the system itself—ordinary traders are still more like "users" rather than "owners." FCoin's failure back then wasn't because trade mining was wrong, but because it was placed on the wrong vehicle: a CEX. What DDEX is doing is truly putting trade mining on-chain, using smart contracts to distribute tokens and turning traders from "users" into part of the protocol. The second half of the Perp DEX game isn't just about speed—it's about who can be fairer. This tweet is sponsored by @DDEX_CN｜http://(DDEX.com)