I'd like to ask, what exactly is @HyperliquidX in everyone's minds? If it's a pure Perp Dex application, a 45B FDV is already too high. If it's a new innovative L1, a 15B circulating market capitalization might even be underestimated. Even more confusing, how should Hyperliquid's followers benchmark their expectations? 1) If Hyperliquid is considered a Perp Dex, compared to predecessors like dYdX and GMX, its valuation is already high. However, if it's compared to the valuations of on-chain platforms like Binance and other L1s like Solana and BNBChain, Hyperliquid still has significant room for growth. Objectively speaking, while HL's current market share dominance in Perp Dex will undoubtedly result in a premium valuation, the overall on-chain DEX market is limited in size. Its valuation is already high, comparable to products like @GMX_IO and @dYdX, which are approaching or even exceeding their peaks. However, if it is expected to become a Binance on the chain, a valuation comparable to BNBChain and others would likely only be achieved if it significantly absorbs data and metrics from traditional CEX exchanges. Clearly, the current market pricing is based on a balance between the two, leaning more towards the latter. However, this will lead to a significant misalignment in value, especially for those who are simply following the Perp Dex trend, who are misleading and comparing HL's valuation to others without even understanding the underlying basis. This complete disregard for HL's technical architecture and rich, diverse ecosystem value is absurd. 2) Hyperliquid's HyperBFT consensus, HyperCore and HyperEVM layered design, and redesigned on-chain high-frequency node matching engine—while criticized for centralization—do contain numerous innovative elements. In contrast, some imitators still employ the traditional "off-chain matching + on-chain settlement" technical service framework. Most of them remain within the application scope of the original Perp Dex on L1 and L2, or even simply rebrand old products. Is it too hasty to condemn dYdx, GMX, and others based on this? And how can their valuations be compared to HL? In fact, if we take a more sober look, HL's true moat isn't solely the transaction data itself. HyperCore's high-frequency trading matching engine is one aspect, but the HyperEVM application ecosystem is the real draw. For example: Felix Protocol mints stablecoins based on HYPE collateral, using the interest income from $107M of idle USDC to repurchase HYPE; Liminal Money offers a delta-neutral yield product with a 16% APY; others, such as Kinetiq's staking protocol and Hyperlend's lending ecosystem, have combined at least 40 to 50 ecosystem projects. This deep ecosystem, characterized by atomic-level composability, is the foundation that supports its current valuation, sprinting towards on-chain Binance. These are clearly fundamental conditions that follow-up competitors lack. How can a platform-level valuation be achieved simply by farming transaction volume and relying on an "application" itself? Furthermore, there's a very confusing valuation logic that's completely baffling: Hyperliquid is the number one Perp DEX, aiming to dethrone CEX and become an on-chain Binance, while Aster is the number two Perp DEX, aiming to defend Binance and become a new on-chain Binance created by the Binance family. But Binance is still there, so how can another on-chain Binance just appear out of thin air? My CPU is short-circuiting, can someone explain this?

Why don't you consider it as a new bybit? That 45B is definitely not high 😂

This topic only makes sense if we discuss it on-chain with Binance 😁

First of all, we need to understand why the major CEXs suddenly chose to concentrate their resources on PerpDEX at this time.

Actually, judging by OKX's attitude, it's just testing the waters. A truly substantial investment would require a much larger investment than this. Why invest resources when you can just talk the talk?

After the market structure bill is introduced, everything will become clear when we look at the current situation.

Indeed, it's difficult to determine. Perhaps it's precisely this uncertainty that fuels all sorts of market speculation. This cycle of speculation constantly disrupts old logic and reshapes new paradigms. Opportunities are bred within these new narratives and giants. No one knows the final conclusion. The key question is: Am I involved? Who am I? Where are my opportunities? Think clearly, within a controllable framework, and then go all out.

Yes, it’s a wave of opportunities for ordinary people! The two forces of centralized CEX and decentralized DEX are vying for attention.