Hyperliquid's upcoming TGE has brought a lot of attention back to the Perp DEX track. In the last cycle, Perp DEX's performance was kind of underwhelming, failing to become the 'chain liquidity star' that people expected. However, since the end of last year and the beginning of this year, Perp DEX protocols such as Hyperliquid, Drift, Surf, and Orderly have come to the forefront, and veteran leader dYdX has also become active again. With the rapid rise of the meme circuit, the power of on-chain liquidity has further opened up the Perp DEX market to new horizons.