After 21 years of Dydx opening at its peak, many "executives" from exchanges in 21-22 said their VC coins would benchmark against Dydx and aim to take it down, but in the end, what came out was Gmx...

In this wave, a bunch of "well-connected" on-chain Dexs claim they want to surpass Hyperliquid, so the question arises, what kind of strange and unique things will come out?

To be honest, having institutional backing and big brother support in the Perp Dex space is relatively useless. Hyperliquid's contemporaries, Drift and Aevo, are backed by top investors and major firms, and the later Paradex is supported by market makers and a large network of Pro traders. Those who should clock out still need to clock out.

Running a Perp Dex is a business that requires a lot of skill points; if you don't have a solid foundation, everything else is in vain. Liquidity, market depth, user experience, etc. — not a single one can be lacking. Having experienced the current popular ones, it seems they are still far from meeting expectations.