The market right now, investors aren't buying into stories anymore. I looked into recent funding rounds, and more and more struggling projects are being acquired. Counted it up—three projects in just one week. As for the ones still getting funding, I took a look around, and it's mostly perp DEXs and prediction markets. Basically, everything is focused on these two areas. Mirana Venture (Bybit's parent fund) also launched an on-chain trading platform called http://easy.fun. The front-end (iOS/Android) was built in-house, but the order book is powered by Hyperliquid, so liquidity should be solid. Everyone's competing for fish in different lanes. Personally, I think their approach to focusing on the front-end is pretty clever. Perp DEXs have pretty much established their moat now, and I don't think launching a new perp DEX will make much of a splash in the current market. http://easy.fun feels kind of like a meme version of a trading platform. Anyone can trade here, and if your address is impressive enough, you become the lead trader for the contract. This kind of slaps back at those trading influencers who only show off their ROI.