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Look: 95% of post‑Hyperliquid perp DEXs are failing to acquire users.
I read this as a liquidity‑moat + switching‑cost problem amplified by a broken airdrop meta.
Hyperliquid still commands ~62% of perp DEX open interest, so traders pay real slippage/operational costs to move.
At the same time 92.9% of tokens launched 2024–2026 trade below TGE. No airdrop farming now – it's practically dead.
So I have a question:
Why do founders keep launching new perp DEXs every week?