Currently, everyone is betting on Hype's second place. Because Hype has opened up the ceiling for this track at the level of 20B. Regardless of the market's ups and downs, Cex and Dex can both live well with real income and real users. A Cex/Perp dex with 300 Dau days of activity can earn over 3M annually, so it's not a big problem to earn 30M annually with 3000 Dau days of activity. (The data comes from Tina, the queen who knows the exchange best in my heart)