Remember the craze of DeFi Summer that year? Uniswap, Curve, Balancer, and other DEX platforms showcased their unique features, with countless fork projects flooding in, making the competition intensely fierce. Today, the wallet race centered around Hyperliquid is, to some extent, replaying that history.

This time, major wallet providers are all integrating into the Hyperliquid ecosystem. It seems lively and bustling, but the underlying business logic is worth pondering. Who can profit from this? Is it the wallets themselves gaining user stickiness and sharing transaction fees? Or is it just a passive follow-the-trend move chasing the hype?

Compared to the prosperity of DEXs back then, we see that only a few projects ultimately survive and gain value. How will history repeat itself in the Perps market? Whether the wallet race is a blue ocean or a red ocean depends ultimately on the real needs of the ecosystem and its long-term ability to generate sustainable growth.