This round, there's a clear feeling that the Matthew effect for the top players is super strong, especially in the two new sectors: Perp and prediction markets. Thinking back to the DeFi Summer days, the second-best project in a sector could usually get 10%-30% of the valuation of the top project. But this time, the gap between the top and second in prediction markets is almost 100x. Over in Perp, Hyperliquid is absolutely dominating. Just looking at the trading data, it doesn’t feel like it should have a market cap advantage of dozens of times, but this round is just heavily rewarding the top players, while the second, third, fourth, and fifth are all left standing on the sidelines. The days when you could make money by blindly buying the second or third-best after missing the top player are long gone