I wrote a milk article about @ HyperliquidX yesterday, and today I saw another big bullish trend. But I don't know if observant friends have noticed, but this article contains my criticism of Perp DEX's temporary Fomo: 1) When I was discussing Fomo Perp Dex with everyone before, I made some discordant comments, including a statement that Aster and other projects are essentially using Hyperliquid's product thinking to build CEX exchanges, and the exchange's operation and maintenance model to build DEX. The underlying message is that there must be a real father behind the exchange, and everything must rely on the operation of the flywheel, and the trend is bound to be short-lived; 2) The success of Hyperliquid is somewhat difficult to replicate for two reasons: 1. Hyperliquid uses product drivers to first run the business logic, master liquidity and pricing power before value is discovered, and product strength is the key; 2. The rising stars such as @ Aster_deX and @ Lighter_xyz have figured out the successful paradigm of Hyperliquid and want to replicate it. Followers are destined to only gain momentum during lively times; So, with the new on chain Nasdaq narrative rewritten by the HIP-3 protocol, other followers can still follow suit, but the problem is, how can we hastily come up with a new narrative that has not yet been self proven in the old narrative? 3) Overall, I never thought Perp Dex was an independent track, at least not hidden in the logic driven by the "transaction mining growth flywheel". If it were the logic of the application chain and transaction chain, I would find it interesting. This means that the new wave of growth for Hyperliquid may be surpassed by most of its so-called competitors, or it may barely follow the trend and gain some popularity, that's all. Post some old articles about the evaluation of Perp Dex (reflecting on many points that I couldn't listen to at the time, but now I should have some understanding) ）： Too many people's "discordant" comments on Fomo Perp Dex: https://(((x.com))/tmel0211/status/19693653614653853359? s=20 Several insights on the future evolution of PERP DEX: https://((((x.com))))/tmel0211/status/1975120603087864093? s=20 How do followers of Hyperliquid expect calibration? https://((((x.com))))/tmel0211/status/1970693589031088165? s=20 Why is the Perp Dex track not sustainable? https://((((x.com))))/tmel0211/status/1969959150831706156? s=20