Do you remember that DeFi feast?

Looking back at the fierce DEX competition during DeFi Summer — Uniswap, Balancer, Curve each showcased their strengths, along with countless Uniswap fork projects flooding in. The entire race was like an arms race.

And now? The Perps market is playing out a similar story.

What's the difference? Back then, DEXs attracted users through liquidity and trading pairs. Today, the competition in the Perps ecosystem has upgraded to the level of ecosystem integration. More and more wallet projects are choosing to connect to innovative Perps exchanges like Hyperliquid. The logic behind this is clear — wallets are no longer just asset storage tools but gateways to the trading ecosystem.

Is this a good business? Data shows that wallets connected to Perps exchanges are indeed increasing user stickiness and trading frequency. But risks also exist: liquidity fragmentation, contract risks, high user education costs.

Rather than saying the wallet track is competing to connect, it's more about vying for the discourse power in the trading ecosystem. Whoever can occupy this key node of the wallet will control the user entry point in the Perps era. From this perspective, it is indeed a track worth fighting for — as long as you have clear risk control strategies and ongoing ecosystem operation capabilities.