Hyperliquid demonstrated that on-chain illicit operations can achieve massive success with minimal staff. Now, more competitors like $Aster are entering the space. OKX Web3 has been testing a similar product since 2023, but chose not to launch on mainnet due to regulatory concerns. While we celebrate the growth of on-chain illicit operations, let's not forget the CFTC's enforcement against Deridex in 2023. Regulatory enforcement has fundamentally changed—hopefully, the industry will soon gain much-needed clarity.