After the FTX storm subsided, the cryptocurrency market fell into calm reflection. The collapse of trust in centralized platforms changed everything, and the market began to desperately seek transparent, verifiable, and safer trading environments. It is precisely because of this surge in demand that a large number of decentralized trading infrastructures suddenly gained popularity.

Hyperliquid emerged as a dark horse in this wave. The market landscape that was once monopolized by centralized platforms is being broken down. Users no longer blindly trust promises but demand visible and tangible on-chain verification. This shift is not just a passing trend but an inevitable evolution of the entire ecosystem after experiencing profound trauma. The emergence of decentralized trading, to some extent, is a redefinition of safety and trust in the market.