While mainstream assets collectively stagnated, $HYPE's ability to break out with a significant upward move is indeed intriguing. Many are asking why the Perp DEX sector has been so quiet lately, but @HyperliquidX's performance has already provided the answer: 1) The narrative ceiling has changed. The old story of Perp DEX's near-CEX-level experience is no longer sustainable. It seems Hyperliquid is moving away from the stagnant, competitive landscape of a "user-friendly DEX" and breaking through to a full range of synthetic assets through the HIP-3 protocol. It's shifting from a user-friendly DEX positioning that rivals CEXs to a narrative of being the most knowledgeable about Crypto Native on-chain Nasdaq. It's moving from pure Crypto speculation to seamless trading in crude oil, forex, and precious metals, significantly expanding its scope. 2) On-chain liquidity is "reverse-flowing" into real-world assets. Looking at exchanges like Bitget, OKX, and Bybit all building platforms for "asset tokenization," it's clear that the growth bottleneck for pure Crypto assets has emerged. Believe it or not, when you discover that on-chain silver trading spreads are narrower than CEXs, faster than brokerages, and open 24/7, it's no longer just a DEX; it transforms into a 24/7 global asset routing center. This is actually an inevitable consequence of on-chain liquidity flowing into the real economy. Whoever takes up this banner first will be the winner. 3) A game-changing shift in rules. In the past, Perp DEXs humbly imitated and approached the CEX experience, but Hyperliquid has clearly elevated it. The new rule logic includes: absolute on-chain transparency, permissionless listings, fee refund mechanisms, and other rules typical of emerging trading markets. Ultimately, it uses code trust to dismantle the black-box advantage of CEXs and TradeFi. Interestingly, it doesn't even mention decentralization.