@penzlik

Perps haven’t “replaced” L1/L2. They’ve simply become a more efficient place for capital to work. L1/L2 still matter as infrastructure, but the market usually gravitates toward whatever has real turnover, fees, and repeatable demand. Hyperliquid is the best example of this regime shift. HYPE hit a new ATH of $61.86 on May 21, 2026, which is another reminder that the market pays for liquidity and execution, not abstract promises. That’s why it makes sense to look at the perp ecosystem more broadly. Variational raised $50M in Series A from Dragonfly, Bain Capital Crypto, and Coinbase Ventures, which shows that capital is still flowing into derivatives rather than empty L1 narratives. @nadoHQ is especially interesting here. They launched a Maker Points Boost on RWA markets: 4x for SPY, QQQ, and OIL, and 3x for MAG7 equities, silver, and gold, with the boost running until May 28. That is a solid mechanism. The protocol is rewarding maker liquidity, which actually improves the market instead of just farming noise. So Nado feels less like “just another perp DEX” and more like an attempt to build early liquidity through sensible incentives. That’s usually how the next cycle starts when the market begins to value execution over narrative. https://app.nado.xyz?join=xkobnxj

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