At the beginning of the year, I suggested to friends building in the BTC ecosystem that creating a BTC Maxi-friendly spot DEX, where users could deposit BTC and sell it for USDC without needing KYC, would likely have strong demand. Many whales dislike KYC and don’t want to trade on CEXs. However, since their inception, DEXs have primarily served smart contract chains, which the native Bitcoin network doesn’t support. Looking at it now, it seems like Hyperliquid is doing a pretty good job of meeting this demand. Based on HyperUnit, it allows native BTC deposits. Although it started as a Perp DEX, the spot liquidity on Hyperliquid has already become quite solid.