Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Hangzhou CIEC Group Co., Ltd.* 杭州熱聯集團股份有限公司 (the "Company") (A joint stoc ...

Market Overview - Perpetual DEXes represent a significant portion of the top protocols, with three ranking in the top 10 by 24-hour fees [1] - Stablecoins lead in fees generated with $29.8 million, highlighting their importance in the ecosystem [1] - Tether (USDT) dominates the stablecoin market with $22.08 million in fees [1] - Circle (USDC) follows with $7.72 million in fees, indicating its market share [1] Perpetual DEX Analysis - Perpetual DEXes collectively generated $29.01 million in fees [1] - Aster DEX leads among Perpetual DEXes with $16.20 million in fees [1] - Jupiter Exchange generated $8.24 million in fees [1] - HyperliquidX generated $4.57 million in fees [1] - Uniswap generated $5.78 million in fees [1] Other Protocols - Basis Trading, represented by Ethena Labs, generated $12.40 million in fees [1] - DEXes (excluding perpetuals) generated $8.05 million in fees [1] - Lending protocols, exemplified by Aave, generated $3.25 million in fees [1] - Liquid Staking protocols, exemplified by Lido Finance, generated $2.65 million in fees [1]