Stacy Muur(@stacy_muur):Look: 95% of post‑Hyperliquid perp DEXs are failing to acquire users. I read this as a liquidity‑moat + switching‑cost problem amplified by a broken airdrop meta. Hyperliquid still commands ~62% of perp DEX open interest, so traders pay real slippage/operational costs to move. At the same time 92.9% of tokens launched 2024–2026 trade below TGE. No airdrop farming now – it's practically dead. So I have a question: Why do founders keep launching new perp DEXs every week?

Stacy Muur

@stacy_muur

2016 crypto guild. Web3 marketer, (too) passionate about research & data. Founder @GREEND0TS. Telegram channel:

Joined August 2022

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Stacy Muur@stacy_muur

2026.07.23 07:36

Look: 95% of post‑Hyperliquid perp DEXs are failing to acquire users. I read this as a liquidity‑moat + switching‑cost problem amplified by a broken airdrop meta. Hyperliquid still commands ~62% of perp DEX open interest, so traders pay real slippage/operational costs to move. At the same time 92.9% of tokens launched 2024–2026 trade below TGE. No airdrop farming now – it's practically dead. So I have a question: Why do founders keep launching new perp DEXs every week?