Additionally, regarding Perp, currently Hyperliquid and its ecosystem (here emphasizing Hypercore rather than HyperEVM) have basically united three groups of people: 1. Traders with the most money and the strongest gambling instincts. 2. The most agile arbitrageurs. 3. Developers looking to build their own products based on Hyperliquid liquidity. Therefore, the density of information exchanged among them is the highest, far exceeding that of other perp player groups. There's no way around it; if you want to study trading microstructure and learn how the most advanced on-chain trading infrastructure is built (even if it may not be Hyperliquid in the future), you can only understand, learn, and join the HL maxi. For this reason, since the beginning of this year, I have started to DCA $hype after every profitable trade; it's impossible to learn without having any assets.