Author: Haotian

When mainstream assets are collectively playing dead, $HYPE can break out with an independent bullish trend, which is indeed intriguing. Many are asking why the Perp DEX track has been quiet lately; in fact, @HyperliquidX has already provided the answer:

1) The narrative ceiling has changed. The old story of Perp DEXs being close to CEX-level experiences can no longer be told. It feels like Hyperliquid is breaking away from the "user-friendly DEX" narrative through the HIP-3 protocol, aiming to break into a full range of synthetic assets.

It is shifting from being a user-friendly DEX that can take down CEXs to a narrative that understands Crypto Natives best, akin to an on-chain Nasdaq. The transition from pure Crypto speculation to seamless trading of crude oil, foreign exchange, and precious metals directly elevates the landscape;

2) On-chain liquidity's "influx" into real assets. Just look at how exchanges like Bitget, OKX, and Bybit are setting the stage for "asset tokenization" narratives, and you'll see that the growth bottleneck for pure Crypto assets has emerged.

Don't doubt it; when you find that the price spread for trading silver on-chain is narrower than that of CEXs, responds faster than brokers, and operates 24/7 without closing, it is no longer just a DEX but has transformed into an all-weather global asset routing center. This is actually an inevitable trend of on-chain liquidity beginning to flow back into real assets. Whoever first raises this banner will be the winner;

3) Dimensional reduction in rules. In the past, Perp DEXs were humbly imitating and approaching CEX experiences, but Hyperliquid has clearly elevated the game. The new rule logic is: absolute transparency on-chain, permissionless new listings, fee rebate mechanisms, and other emerging trading market rules.

Ultimately, it is about using code-based trust to dissolve the black box advantages of CEXs and TradFi. Interestingly, there is no mention of decentralization at all.

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