As of the end of December 2025, the sustainable DEX market has formed a dominant pattern led by Hyperliquid's CLOB (Central Limit Order Book) model, occupying approximately 70-75% of the market share. The AMM model tends to retreat more towards long tail assets and retail friendly markets. We used to think GMX was the end, but now we realize it's just a transition. Why did on chain trading ultimately return to the experience of a "centralized exchange"? Let's briefly talk about the logic behind it and my observation of @ StandX_Official. First, explain the difference between AMM mode and CLOB mode in one sentence: AMM mode: You are betting against the pool (smart contract). The price is determined by mathematical formulas or oracle machines, and immediate transactions can be made without the need for a "counterparty". CLOB mode: You are betting against other traders or market makers. The price is determined by the pending orders from both the buyer and seller, and someone must take the order to complete the transaction. Why does CLOB dominate the market? The main reason lies in pricing power. AMM is always just a shadow of CEX, relying on oracle to transport the price of Binance. CLOB, on the other hand, allows market makers to place orders and play games, allowing it to generate independent first-hand prices during major market trends. For institutions and professional traders, trading in a place without pricing power is like giving their neck to oracle attackers. For quantitative and market makers, AMM's funding efficiency is extremely low - LP's money must be locked 1:1 in the pool. Under the CLOB mode, the capital turnover rate is extremely high. That's why we can feel the silky depth and extremely narrow spreads on Hyperliquid. The fundamental reason for CLOB's victory is to let professionals do professional things. Is CLOB perfect now? not yet. Although Hyperliquid solves the "trading experience", if you don't trade, your U stays in your account as dead money. In traditional CLOBs, margin must be idle to prevent liquidation, resulting in no returns and bearing the cost of inflation wear and tear. This is the problem that the next generation of Perp DEX wants to solve: extreme capital efficiency. The design philosophy of StandX was born for this purpose: not only to create high-performance CLOBs, but also to create "interest margin". Their core DUSD is essentially a Delta neutral yielding stablecoin similar to Ethena. But in StandX, you don't need to deposit money into financial management, your trading margin itself earns interest. If GMX is DeFi 1.0 (can it be played after solving it), and Hyperliquid is DeFi 2.0 (is it fun after solving it); So StandX may point to DeFi 3.0: Trading+Yield Fusion. Not only earn money from trading, but also earn the time value of funds.