jakiro
Author: Haotian; Source: X, @tmel0211
I believe most people are still confused, why did Perp Dex suddenly become popular?Is it really because of the CZ universe’s first single king, or is it because CZ wants to fight against Hyperliquid’s game?Yes, but not that simple:
Follow the logic of the previous article to add another insight:Perp Dex, led by Hyperliquid, did not revolutionize centralized CEX in the form of decentralized DEX, but invented a new species: Neutral Exchange.
Hey, I created a new word again. Why is it so similar to “neutral people”. Yes, in the context of Crypto, it means an exchange that is “not purely decentralized, nor so nakedly centralized.”
Why do you say so?
For example: Hyperliquid has a very decentralized side, with its on-chain asset custody, execution engine, consensus layer, and application layer separation, and all can be verified on its own independent chain, user control of private keys, no need for KYC, code open source and other features, which is indeed very web3;
But to be honest, there are a group of fundamentalist schools who criticize the small number of verification nodes and centralized control, and in order to optimize transaction execution speed, many operations of the execution layer do not require complete consensus confirmation, etc. This is very different from traditional concepts such as on-chain transaction settlement Finality and block synchronization.
Other imitation disks are still in their infancy. The contradictions in this regard are even more prominent. In addition to the technical characteristics I mentioned above, they are also black boxes, there are many strange features.Close source, no blockchain browser, just some state update data is synchronized to L1, and there is no complete on-chain record..
Of course, some other high-performance L1 and Layer2 have precedents in this type of variant, and the purpose is to achieve a triangular trade-off of decentralization, performance and security.
butThis wave of Perp Dex variants is more thoroughFor example, Ethereum layer2 uses centralized Sequencer to replace decentralization, but has also been working on the technical routes of Fault Proof and Stage0-2 for a long time, andThe new force Perp Dex, the first principle of transaction efficiency, even boldly criticizes them not as blockchain..
Having said that, you might guess what position I stand for?I embrace the market.
Because this is the “Martial Soul Fusion Technology” produced by the long-lasting liquidity tug-of-war between CEX and DEX..
In other words, this “neutral” characteristic is actually an inevitable trend evolution:
1) The user experience of pure decentralized DEX has always been affected by slippage, MEV, Gas fees, complex liquidity management, component stacking security risks, etc.This has severely slowed down the pace of mass adoption of Crypto infrastructure;
2) Traditional centralized CEX is a combination of supervision, compliance, trust crisis, and the combination of “products, operations, and marketing” to draw the liquidity of the entire industry.In other words, it is to kill all innovations in the cradle;
Look,The “neutral” exchange happens to be stuck at the middle point, which not only retains the CEX-level user experience, but also makes some compromises and innovations in asset security and transparency..Its appearance can actually declare that the years of grudges between CEX and DEX have been “reconciled”.
Therefore, the emergence of Hyperliquid did not threaten Binance at all. On the contrary, it made Binance like a catfish and helped BNB break through thousands.
At this moment, CEX exchanges that are busy with Alpha, wallet, and trading chains do not have to worry about the so-called “decentralized fundamentalism” moral kidnapping. They can blow bubbles and indulge in the name of “neutral exchange”.
