👂#NightTalkWeb3 "Perp DEX Battle" Recap — "Why did Perp DEX experience explosive growth in the past year?" CryptoBare @cryptobraveHQ: The core growth driver of Perp DEX came from compliance pressures and the demand for self-custody. A large number of users from restricted regions (especially North America) migrated from CEXs to on-chain, with platforms like Hyperliquid becoming the main carriers. At the same time, the market capitalization of leading projects rapidly approached the top ten, significantly raising the ceiling of the sector, and the strong wealth effect in turn accelerated the expansion of the entire ecosystem. MaoMaoJie @MEJ50749: The visualization and transparency of on-chain transactions inherently possess strong dissemination attributes: watching, copying, and tracking smart money are becoming new trading entry points. One-click copying lowers the participation threshold, while airdrops and points incentives, to some extent, offset transaction costs, attracting a large influx of non-professional users and driving rapid growth in the sector.