The success of Hyperliquid proves that it can compete with centralized exchanges in terms of speed and liquidity through its customized Layer 1 blockchain, which is why perpetual contract DEXs are regaining the favor of venture capital. New entrants like Lighter and Bulk are raising funds, and trading volumes are surging—by September 2025, on-chain perpetual contract trading volume reached $1 trillion, while CEX perpetual contract trading volume hit $5.6 trillion last month. However, challenges include how to maintain activity after incentive implementations, avoid wash trading, and address technical risks such as smart contract vulnerabilities. Investors emphasize that long-term winners need deep liquidity, sustainable token economics, and genuine user interests that go beyond short-term rewards.