The past year has seen a noticeable shift in the DeFi market. From simply chasing TVL, to increasingly focusing on: real users, real transactions, real revenue. Especially in the on-chain derivatives space, the rise of protocols like Hyperliquid and GMX has proven one thing: Users are embracing a new trend—the future of trading doesn’t necessarily need to rely on centralized platforms. But for an on-chain trading protocol to truly succeed, it’s not just about creating a product. It needs to simultaneously address: liquidity, trading experience, capital efficiency, and user scale. This is why I’ve been keeping an eye on @Hertzflow_xyz. 117K users, $3.7 billion in trading volume, $170 million in liquidity pools. These testnet stats prove one thing: Hertzflow is validating its product model in a real market environment. For Perp DEXs: trading volume represents demand, liquidity pools represent capacity, and user growth represents ecosystem potential. The testnet is about to end, and the mainnet is about to launch. The real challenge ahead is how to turn the hype from the testing phase into long-term ecosystem value. Looking forward to seeing Hertzflow continue to prove its potential in the BNB Chain DeFi ecosystem.