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?

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?