Many people may have misunderstandings about Jupiter/GMX, a non order book type perp dex Believing that contracts without KYC centers such as Hyperliquid are intergenerational substitution relationships for "AMM exchanges" But in fact, it's completely wrong Firstly, the transaction logic of Jupiter/GMX is not an "AMM curve" (which is an older @ erpprotocol) But instead, the oracle pulls prices from the quote source, and LP pools act as counterparties for trading In theory, this type of exchange can align quote sources without slippage. For example, the gold futures and oracle type PERP DEs on the Shanghai Stock Exchange can directly align their quotes Whether it's an order book like Hyperliquid or a CFD model like @ variative_io, they all need to move prices through "brick moving", essentially intermediaries moving price differences However, in order to prevent price time differences caused by quotation transmission and block time, GMX will add a "price shock" to prevent arbitrage What makes GMX/Jupiter really amazing is their ability to create assets Many people are not aware that in the field of contract trading, the so-called 'real world assets' actually do not exist at all Your opening and clearing price has nothing to do with the trading liquidity of underlying assets in the real world, but rather is provided to you by the contract quotation mechanism (order book/oracle, etc.) So if you like to criticize the lack of underlying value support as gambling, then now you can fire on the order book exchange But GMX/Jupiter is different. Its liquidity comes from the LP pool, which serves as the counterparty for all transactions. LP will recover all customer losses and transaction fees and redistribute them proportionally - that is, the bottom of the Macau casino's table This is a real interest bearing asset And these bottom pools can be used as structured wealth management and collateral for DeFi nesting and arbitrage trading without counterparty risk. Jupiter's JLP was once the largest source of arbitrage trading and revenue on Solana. When @ DriftProtocol went wrong, many people didn't understand the purpose of its existence - it was one of the largest providers of JLP arbitrage neutral strategies at the time And this ability is not possessed by order book exchanges. Centralized exchange vaults, including HLP, are essentially an active MM strategy, where you hand over funds to a centralized black box. Using HLP as collateral is actually transmitting a counterparty risk 3. Irreplaceable business logic based on the duality of "betting with the pool" Uniswap has proven to us that the LP pool mechanism has an irreplaceable efficiency advantage in the issuance of long tail assets - to date, no order book can replace Uniswap/pump/coursememe with the same mechanism This is not an efficiency issue, it's a market making cost issue, and I'm not just talking about cold start - how do you recover all the counterparty gains and losses and trading friction in an order book exchange? If you don't understand, you can go back and take a look at my tweets about PolyMarket and PropAMM at that time The real problem with GMX and Jupiter may be that they only consider the issues from the perspective of trading users, without considering the needs of the market upstream, which is fundamentally different from Hyperliquid But even so, you can take a look at Defillama's rankings. No matter how the top ranked order book tries to manipulate the rankings, the volume and revenue of GMX/jupiters are hardly affected If they were more radical, their grades would be better, but this is enough to show that they are irreplaceable