For a PerpDEX, whether it is a secure core depends on two things: 1. Is it user self hosted. Whether the funds are in the smart contract or not, and whether key operations such as placing orders, clearing, and withdrawing require the user's wallet signature to be executed, directly determine whether your fund control belongs to you and the platform cannot misappropriate it. 2. Is there an escape hatch mechanism. If a node or operator goes down, or even a project is shut down, can users directly prove their balance on the chain and withdraw coins through smart contracts, thereby forcing them to exit in extreme cases. At present, all of these PerpDex companies are using self hosting mode, so there is no problem with the first point. Only Hyperliquid runs on the entire chain, while the others use a hybrid architecture to complete order matching off chain. The advantage of a full chain is complete transparency and anti cheating, while the advantage of a hybrid architecture is to reduce MEV and improve privacy and throughput performance. Therefore, each has its own advantages. However, whether it is a full chain or a hybrid architecture, how to solve the problem of not being able to withdraw coins due to various reasons? In this case, only L2 can have a mandatory exit mechanism for escape pods, while Hyperliquid and Aster, whether they are on chain L1 or hybrid architecture L1, do not have escape pods. The core reason is that if it is L2, even if all nodes and operators go down or the project is shut down, because transaction vouchers are regularly returned to the Ethereum mainnet, users can directly complete asset proof and withdrawal operations on the Ethereum mainnet. Today, GRVT is a typical case where the liquidity of the cooperating cross chain operators was insufficient, resulting in direct withdrawal of coins from the platform being stuck, but there were no problems with withdrawing coins to the Ethereum mainnet. Because as shown in the figure below, all user funds are actually locked in the smart contracts of the Ethereum mainnet, and all your funds in GRVT are only balance vouchers of the Ethereum mainnet.