Why is the competition among Perp DEXs essentially a competition of "risk models"?

Hyperliquid, ETH, Market Data Discrepancy: Ethereum Bleeds, Hyperliquid Stutters - Golden Finance, When Fortune Brings All Help, When Luck Fades, Even Heroes Are Helpless.

For most of the past year, Hyperliquid held the top spot—but its market share has now plummeted to just 20%, with new challengers vying for dominance. This article will provide an in-depth analysis of the four major decentralized exchanges offering perpetual contracts.

Jeff Yan, founder of Hyperliquid, shared the company's origins, technological philosophy, and development vision, which is to create a fully decentralized, on-chain native financial system.

The future of Hyperliquid lies in HIP-3, and the foundation of HIP-3 lies in HyperStone.

The vault ecosystem on the Hyperliquid platform provides investors with a unique window to observe and participate in on-chain derivatives strategies executed by professional managers.

Harvard graduate Jeff Yan's trading platform has thrived on cryptocurrency enthusiasts' love for anonymity and high leverage.

A decentralized exchange with only about 11 employees, no external investors, and no board of directors is rapidly rising to become a cryptocurrency giant with a daily trading volume of over $13 billion by virtue of the anonymity and high leverage it provides to traders.

“Some of the inside information Hyperliquid whales obtained when they shorted before the White House announcement was obtained by tracking an insider crypto trading group within the White House.”

HIP-3 will indeed put some pressure on the PERP of small CEXs, but it will not be as devastating as Uniswap's impact on the listing business of third-tier exchanges.