Whether Hyperliquid is CEX or DEX is no longer important in this cycle. With the development of the industry, more and more projects are unable to achieve decentralization, or do not want to, or are unnecessary. The reason is simple: products that require long-term iteration and maintenance have been validated, and the advantages brought by decentralization cannot compensate for the side effects of inefficient governance. In terms of product characteristics, Perps is completely different from AMM, And I think AMM is very suitable for decentralization. It is simple enough, although inefficient and costly, some people are willing to sacrifice some tolerable benefits in exchange for freedom, because it solves the problem of how to trade assets on the chain without going through exchanges or market makers from 0 to 1.