2025-12-04 02:58:53

Arthur Hayes recently discussed a pretty interesting topic—the Perp DEX sector is far from settled.

In his interview, he stated bluntly that even though Hyperliquid’s performance, skyrocketing from just a few dollars to around $60, is indeed impressive, this approach isn’t easy to copy. That said, other new platforms aren’t without opportunities; the key lies in who can execute the token issuance and buyback combo most effectively.

Simply put, the decentralized derivatives trading pie is still being redivided. Hyperliquid has captured the first wave of gains, but the market rules are always changing. If newcomers can innovate with their tokenomics and combine that with a great product experience and liquidity incentives, it’s definitely possible to take market share from leading platforms.

This game is only just beginning, and it’s hard to say who will have the last laugh. After all, in the world of DeFi, the speed of product iteration and the ability to operate a community can sometimes outweigh first-mover advantage.

HYPE-1.04%

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Layer2Observer

· 5h ago

Hmm... I agree with Hayes' logic, but regarding that Hyperliquid curve going from a few dollars to 60, honestly, we need to clearly see whether it's token speculation or if the actual TVL has caught up. From the data, it still needs to be monitored. If latecomers really want to turn the tables, having a good-looking token model is useless on its own—the key is to see how much real liquidity incentives can be put in. That's the real kingmaker. I agree that first-mover advantage in DeFi isn't that strong, but on the Perp DEX track, there also aren't that many examples of "overtaking on the curve."

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MissedAirdropBro

· 12-05 10:34

Haha, Hyperliquid really hit it big this time, but honestly, it’s not something you can just copy. The key is still whose tokenomics can come up with something innovative. That’s true, but can latecomers really turn the tables... I doubt it. Wait, if someone really nails the combo of token buybacks + liquidity incentives, that would be ruthless. But Hayes is right, the DeFi pie is still being sliced up, nothing is set in stone yet. Damn, am I about to miss out on another new platform airdrop? Shit. This track still has potential, but it depends on who moves faster. Sometimes product experience really matters more than luck. Perp DEX is just getting started? Then I need to keep a close eye on it—can’t afford to sleep through it again.

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TokenToaster

· 12-04 05:21

Hyperliquid skyrocketed from a few bucks to $60—it looks great, but actually copying this playbook is up to fate. Latecomers still have a shot at a comeback; it all depends on who can master their tokenomics. Honestly, the perp market still has a long way to go, and the first-mover advantage isn’t as solid as people imagine. Having a good product and an active community actually counts for more. Copying others won’t work; you have to come up with your own approach. This sector is still in the land-grab phase, and anyone could turn things around. Hyperliquid is strong, no doubt, but newcomers still have a chance to break through. The key lies in token design and operational ability. Who knows who will end up having the last laugh in this space.

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quietly_staking

· 12-04 03:27

That Hyperliquid wave was really intense, but I feel like if newcomers can really master tokenomics, they might just overtake them. What Hayes said sounds like he's saying the game isn't over yet—don't jump to conclusions too soon. This token buyback combo move really depends on who has the most capital. Fast product iteration is honestly more powerful than first-mover advantage—this rule has proven itself time and again in DeFi. To be honest, going all-in on a single perp DEX right now still has a bit of a gambling aspect. As long as newcomers don't pump the price, they've got a shot, so bring it on. The cake is definitely still being divided, so don't call it dead too soon.

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ProveMyZK

· 12-04 03:25

Speaking of Hyperliquid, this recent pump is really insane, but just like Hayes said, as long as the newcomers get their tokenomics right, they still have a chance to turn the tables. The game of Perp DEX has just begun; it's really hard to say who will end up with the biggest slice of the pie. Token design and community management—both are essential. Otherwise, even a good product won’t be enough. But wait, is this track going to be another round of retail getting rekt... Is it still early enough to get into new Perps now? Feels like all the expectations have already been priced in.

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SwapWhisperer

· 12-04 03:15

Hyperliquid’s $60 airdrop was indeed intense, but honestly, newcomers still have opportunities. Mastering tokenomics is the real key; the Perp DEX game is far from over. Hayes makes a good point—being first doesn’t guarantee victory; it’s about who can energize their community. It’s hard to say who’ll have the last laugh—the sector is still burning money. The Perp market is just starting to be divided, and the potential is huge. Product experience and incentive schemes—those are the real competitive edges.

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AlphaWhisperer

· 12-04 03:13

Ha, Hyperliquid soared from a few bucks to 60, that’s really wild, but for the next ones to really make a comeback, they’ll have to work on their token model. Tokenomics really isn’t something everyone can master—it looks easy but is tough to pull off. Perp DEX is just getting started? In my opinion, whoever builds a stickier community already has half the battle won. To be honest, first-mover advantage in DeFi isn’t actually that valuable; what matters is whether the product can deliver. If this track ever really stabilized, it would get boring. The way things are now is actually more interesting.

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SolidityStruggler

· 12-04 03:04

That $60 wave was indeed intense, but if you're looking to copy it now, you need to think it through—tokenomics isn't just about throwing money at it. Latecomers still have a chance to turn things around; the key is who can play the liquidity incentive card the best. The perp sector is far from over; it feels like we're just entering the money-burning phase. Product experience and community management really are more valuable than being first, and I believe that. It's the beginning of another round of token dumping—let's see who can survive till the end.

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