Three projects competing for the next spot in the Perp DEX space, with funding ranging from $18M to $50M and completely different technical approaches: PopDEX focuses on high-performance on-chain matching, distributing value back to traders; Variational uses an RFQ mechanism to tackle the RWA perpetuals niche, with a cumulative trading volume of around $130B; Liquid takes the aggregation route, covering U.S. stocks, forex, and pre-IPO equity, with over 40K active users. Same Perp DEX category, but completely different winning strategies. Which path do you think has the edge?