A clear trend is noticeable: projects like Lighter, GRVT, and other layer2 Perp projects are desperately showcasing their strengths, seemingly trying to catch up with Hyperliquid.

However, this feels a bit like "getting up early but arriving late," as the prosperity of Perp DEX should rightfully belong to layer2. How did it get intercepted by other Alt-L1s like $ASTER?

1) The key issue is not complex. The four major layer2 players, Arbitrum, Optimism, and others, aim to create general-purpose Rollups, but this limits their TPS and block time. Factors like transaction finality, state synchronization, and the overhead of complex calculations become burdens, making it impossible to compete with products like Hyperliquid that offer sub-second experiences comparable to CEX.

Thus, the blind pursuit of general-purpose solutions is the original sin. Lighter has been clever, no longer entangled in the so-called generalization, and has optimized trading specifically from aspects like ZK circuits and order book matching, allowing its trading volume to rival that of Hyperliquid. Other layer2-based Perp DEXs must abandon general-purpose designs as the first step to reclaim lost ground.

2) Most layer2 Perps are still stubbornly adhering to the old AMM logic or attempting to mix order book designs. GMX, once the big brother of layer2 Perps, has already validated that the ceiling of sticking to AMM is evident. Issues like impermanent loss, MEV attacks, and slippage directly affect the inflow of institutional-level large orders and high-frequency trading, which are nearly non-existent in Hyperliquid's full-chain CLOB+HLP model.

Therefore, for Layer2 Perps to completely turn the tide, they should fully embrace a native CLOB architecture. The previously touted gradual improvements have already been disproven by dYdX's recent exit.

3) The old DeFi mining incentives of Layer2 have lost their appeal. New Perp players like Hyperliquid offer not only underlying trading performance but also diverse gameplay, such as MEME culture integration, point airdrops, token buybacks, etc., providing users with significant improvements in experience and gameplay expectations.

Moreover, the liquidity in Layer2 is severely fragmented, with everyone using various incentive methods to compete, which directly increases users' cross-chain bridging costs and benefits many third-party cross-chain bridge projects, failing to directly enhance user stickiness to their own protocols.

In summary, there are indeed many Perp DEXs in the Layer2 lineup. Besides the projects mentioned above, there are also SynFutures, Orderly Network, Paradex, and many others continuously building. GRVT recently secured $19M in funding, indicating that Layer2 Perps have never given up on seizing discourse power. Being knocked down by Hyperliquid is one thing, but at least they should have some fighting chance compared to Aster, SunPerp, and others, right?

Let’s not forget that the massive stablecoins and DeFi TVL accumulated in the Ethereum ecosystem are absolute advantages that other L1s do not possess.

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