While CEXs were still undergoing trial periods, Hyperliquid was already trading precious metals and forex.

Author: Haotian

While mainstream assets collectively faltered, $HYPE's ability to break out with a significant bullish candlestick is indeed intriguing. Many are asking why the Perp DEX sector has been so quiet lately; in fact, the performance of @HyperliquidX has already provided the answer:

1) The narrative ceiling has changed. The old story of Perp Dex's near-CEX-level experience is no longer working. It feels like Hyperliquid is breaking away from the stagnant competition of "useful DEX" and is breaking through to all categories of synthetic assets through the HIP-3 protocol.

The company needs to shift its positioning from a user-friendly DEX that rivals CEXs to a blockchain-based Nasdaq narrative that truly understands Crypto Native. It needs to move beyond pure Crypto speculation and seamless trading in crude oil, forex, and precious metals, significantly expanding its scope.

2) On-chain liquidity flowing back into physical assets. Just look at exchanges like Bitget, OKX, and Bybit all building platforms for the "asset tokenization" narrative; the growth bottleneck for pure Crypto assets has already appeared.

Believe it or not, when you discover that on-chain silver trading has narrower spreads than CEXs, faster response times than brokerages, and operates 24/7, it ceases to be just a DEX and transforms into a global asset routing center. This is actually an inevitable consequence of on-chain liquidity flowing into the real economy; whoever takes the lead first will be the winner.

3) A game-changer at the rule level. In the past, Perp DEX humbly imitated and approached the experience of CEX, but Hyperliquid has clearly surpassed it. The new rule logic includes: absolute on-chain transparency, permissionless listing, fee refund mechanisms, and other rules of emerging trading markets.

Ultimately, it's about using code trust to eliminate the black-box advantage of CEX and TradeFi. Interestingly, it doesn't even mention decentralization.