Given the increasingly evident trend of exchanges moving on-chain, the main event in the future will likely be the PerpDEX battle royale represented by Hyperliquid, Aster, Lighter, and Backpack. Hyperliquid's core strategy is to build on its own blockchain infrastructure, leveraging the platform's abundant liquidity to attract more financial applications. Later on, it might follow in the footsteps of teams like Helix/INJ, expanding the narrative from PerpDEX to a full-fledged blockchain.