Market Dynamics - The CLOB (Central Limit Order Book) wars are intensifying [1] - Hyperliquid possesses initial advantages, but historical trends suggest that early dominance is not guaranteed [1] DEX Trading - The report offers an in-depth analysis of emerging alternative CLOBs (alt-CLOBs) [1] - Design choices within these alt-CLOBs could significantly influence the future of decentralized exchange (DEX) trading [1]