From time-driven to information-driven, the competition in market infrastructure has just begun, but liquidity and risk control remain hard constraints.

The escalation of the Iran situation becomes a real test for 24/7 trading capabilities. Analysis suggests that traders use blockchain platforms like Hyperliquid for price discovery and hedging on around-the-clock platforms, with news spreading instantly across time zones; however, traditional markets are still affected by opening and closing hours and cannot reflect new information in real time. Blockchain offers 24/7 operation and instant settlement, viewed as a supplement or even an alternative to traditional markets, but still faces constraints in liquidity, performance, and institutional risk control, making full replacement difficult in the short term. Overall, the market is shifting from "trading session-driven" to "information-driven perpetual trading," with infrastructure competition accelerating.