Backpack=Hyperliquid CEX version? What is the reason for the rise of Hyperliquid? It's not decentralization, it's not regulatory arbitrage, it's a bunch more decentralized than it is. Its peers, DEX, are all regulatory arbitrage. Why can't other companies do it? The reason is one, the community-based approach of Hyperliquid, treating everyone as a person, depends on the personal pattern of the founder Jeff. That's all. It's that simple Who is the next Hyperliquid? Previously, I experienced backpacking, which had poor liquidity at the time. However, now liquidity has significantly improved, coupled with many innovative trading practices. Many professional traders around me, including those from abroad, are actually using backpacking for trading, which is similar to the early days of hyperliquid. In the future, there may be super big players like James Wynn trading on the backpack, which could go viral And the background is very similar to Hyperliquid, both with European and American backgrounds. The backpack is backed by Wall Street VC, and the closer it is to Wall Street, the more likely it is to be a conspiracy group Especially with the trend of listing on the US stock market, backpacking has a natural advantage, which comes from compliance The CEO's tweet about the upcoming release of a vault, similar to HLP's BLP, highlights the absorption of the product advantages of HyperLiquid. He should also be the only one in CEX who does this Finally, the socialization of Backpack is a bit like Hyperliquid. Backpack is a centralized CEX, and this round I am most optimistic about it. Backpack points are likely to be very valuable, just like Hyperliquid, and should be given to retail investors to a large extent. The second season has already begun, and I definitely want to participate Of course, ultimately all of this depends on whether the founding team is truly willing to make critical decisions at critical moments