Over the past year, the Perp DEX sector has indeed exploded, from Hyperliquid to Aster, and most recently Lighter, each more impressive than the last. The common point among these projects is quite clear: they have plenty of money (daily trading volume of tens of billions of dollars), active users (a huge number of new contracts opened daily), and strong backing from major investors. In the end, as the old saying goes, where the money is, that's where our focus should be.