PerpDEX was my favorite track and also the one that hurt me the most. HyperLiquid has had two consecutive accidents, especially the recent practice of forcibly changing the price of the oracle to level the JELLYJELLY risk exposure of the unfavorable platform HLP, which has led many people to conclude that "PerpDEX no longer exists". This conclusion is reasonable, especially for many of us who were deeply influenced by the phrase 'Code is law' in the previous cycle, it was like the collapse of our encrypted worldview. But in fact, if you have some understanding of the latest development status of DeFi protocols, you will know that upgrading and updating DeFi protocols through proxy smart contracts and discarding certain functional functions have long been the norm, and this is a necessary option to enhance security and functionality. So, it is understandable for HyperLiquid to protect itself by forcefully modifying its oracle when facing targeted attacks from Binance and OKX. For both civilization and individuals, survival always comes first, surpassing encryption ethics and regulatory laws. Is HyperLiquid itself fine? Of course there are. SynFutures boss @ RachelLin_SF analyzes HyperLiquid's mistakes from an insider's perspective: liquidity mismatch， And provided a solution: a product design philosophy that balances experience and safety. The core reason for liquidity mismatch is the spatiotemporal mismatch that often occurs in the natural state of liquidity. The distribution of liquidity in the time dimension shows a clear periodicity, with high liquidity in the spring and autumn seasons of the Northern Hemisphere and seasonal low liquidity in the winter and summer seasons of the Northern Hemisphere. The distribution of liquidity in the spatial dimension is a power-law distribution, known as the Matthew effect. Liquidity is mainly concentrated on top exchanges such as Binance in CEX, Uniswap and Raydium in DEX, Hyperliquid, Jupiter Perps, and SynFutures in PerpDEX, and BTC, ETH, and Sol in asset types. Is there a technical product solution to adjust the spatiotemporal mismatch of liquidity? The reality is that there is currently no mature solution. But this is not a bad thing, it is a design space gifted to the next generation of DeFi protocol innovation. Finally, let me free myself and share my two thoughts on the solution to the problem of spatiotemporal mismatch in liquidity: This solution will use emerging technology primitives such as intent auction Solver market, Uniswap V4 Hook, AI Agent liquidity routing, etc; 2. This solution will introduce a market game mechanism similar to Flashbot's resistance to MEV, realigning the interests of CEX/DEX platform providers, liquidity providers (market makers), and traders. above.