The recent market has indeed been somewhat dull, but the popularity of tracks like Perp DEX, prediction markets, and X402 has not diminished in community discussions.

Let's start with Perp DEX. The rise of Hyperliquid has already demonstrated one point: on-chain contract trading has genuine user demand, and this is not a false demand. Looking at CEXs, although a leading exchange has a clear advantage, it is far from monopolizing the entire market. Since traditional exchanges can accommodate multiple players, the Perp DEX track logically cannot support only one project.

From this perspective, the on-chain derivatives market still has plenty of imagination space. The key is whether newcomers can find their own differentiation—perhaps lower barriers, better user experience, or customized solutions targeting specific traders. The market is still in its early stages, and there should be many opportunities.