In less than a cycle, the trading volume of the former leader Dydx was far behind that of Hyperliquid. There are two questions: Firstly, if dydx (@ dYdX) had not focused on building their own chain back then, would the situation have been better like it is now? Secondly, at the current pace of substitution, will HyperliquidX (@ HyperliquidX) continue to maintain its leading position? After dydx was surpassed by gmx, gmx was surpassed by hyper again. Where is the moat of PERP DEX? How deep is it?