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Following $BP , $edge also "lived up to expectations" and reversed the trend.
Perpdex's narrative is not over; Hyperliquid has become the best project in this cycle, but the on-chain liquidity is no longer willing to take on projects with only expectations. The logic of the top three projects in the past has become invalid in this market.
The industry is undergoing a major reshuffle; the story of blockchain is far from over, but most old projects cannot survive.
The next narrative is likely to come from AI, but most AI + Web3 projects are essentially old ideas and still garbage.
Keep learning, stay sharp, and wait.