Big thanks to @BlockBeatsAsia for the insights in this article, It gave me a lot of new ideas and directions about Dex. ‘Crypto trading volume shrinks by 63%, HLP yields drop to zero, stock demand unlikely to catch the Perp DEX downturn.’ Here are some of my thoughts on this piece. If you're preparing for or already betting on the next wave in this sector, I highly recommend reading it: 1️⃣ Perp DEX trading volume shrank by 63%. 2️⃣ Regarding Hyper, we can see a lot of money still parked there, but people are less willing to make frequent bets. This also reflects the current state of the Crypto industry. 3️⃣ While Crypto Perps are shrinking, Trade xyz’s daily trading volume is actually up by +32.1%. This indicates a very interesting shift happening with Hyperliquid. Previously: Hyperliquid = Crypto Perp DEX; Now: Hyperliquid = Crypto + Stocks + Indices + Commodities + FX + Pre-IPO on-chain trading infrastructure. If this trend holds, I even think this represents an upgrade to Hyperliquid’s long-term narrative, rather than a weakening. 4️⃣ Future trend: Global Trading Venue. The Crypto Market Structure is converging with the TradFi Market Structure. 5️⃣ Second-tier Perp DEXs are clearly more pessimistic. Without unique features, they won’t break through. Hyperliquid still has about $20 billion in 30D Volume + $10.7 billion in OI, with a relatively clear moat. What advantages do other DEXs have? 6️⃣ My take: This is the end of Perp DEX 1.0, not the end of Perp DEX. Perp DEX 1.0 was: Airdrops + Points + High Leverage + Crypto Bull Market + Crazy Turnover. If the next phase materializes, it will become: Real Users + Real OI + Real Fees + Multi-Asset + Global 24/7 Market. Hyperliquid’s ‘stockification, commoditization, and indexification’ are critical: If HIP-3 succeeds, the HYPE narrative will upgrade from ‘the best Perp DEX Token’ to ‘on-chain global trading infrastructure.’ If HIP-3 doesn’t succeed, and Crypto Perps continue to shrink long-term, then the current multi-billion-dollar annualized valuation expectations will face a real test.