👀Perp Dex Track Evolution: From DYDX, GMX to Hyperliquid #DYDX (Phase One) 🔺Highlights: Bringing centralized futures experience on-chain, introducing strong "trading mining" incentives. 🔺Issues: Incentives drive a positive feedback loop of "volume pumping - token price increase - more volume pumping"; once the token price drops, trading volume dries up, making it hard to sustain. #GMX (Phase Two) 🔺Mechanism: GLP physical delivery pool (real assets like BTC/ETH/USD), AMM + market making, robust against liquidation. 🔺Pros and Cons: Stable but limited capital efficiency, higher fees, difficult to onboard long-tail assets, peak user count not high (core daily active users around a few hundred). #Hyperliquid (Phase Three) 🔺Mechanism Transformation: HLP cash delivery pool (settled only in USD/stablecoins), central limit order book (CLOB) + proactive market making, matching and clearing fully on-chain, few nodes with high-performance architecture. 🔺Results: Significant improvement...
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