The perpetual DEX market is shaping up like a replay of the launchpad competition. Think back to the launchpad wars—Pumpfun emerged as the dominant force by being first and best-positioned. That same pattern could easily repeat in the perp space. Being the original player with network effects and first-mover advantages is usually a winning formula. If we follow this logic, Hyperliquid stands as the leading candidate—it's already establishing itself as the foundational protocol in the perp DEX category, much like Pumpfun did in the launchpad ecosystem. The question isn't really whether perp DEXs will matter; it's which one captures the majority of the market. Historical precedent suggests the OG tends to hold that crown.