“this will be an extremely top heavy vertical as liquidity and users are sticky, thank you for aint reading all that”Hmmm. It already is, just look at the 24hr volumes for the top three vs. the bottom three.Massive difference.For people trying to make sense of it, imo a logical comparable is the centralized exchange category which follows this exact principle.Binance. Bybit. OKX.Then, all the rest.Same thing likely happens with Hyperliquid, Lighter & Aster…and all the rest.Unlike moon, myself (and my future ...

Perps DEXs are the best business in crypto AND appeal to technical nerds on their design tradeoffs.You should absolutely know:> if there's an escape hatch (Hyperliquid doesn't have one)> if there's a centralized sequencer for latency racing, you should be closest to it for advanced market making> what a "centralized matcher" means (one central hardware machine powers all the maker/taker order matching)> difference between soft finality & hard finalityPerps have become an amazing example of the app-specific ...