Wu Shuo learned that Jarsy CEO Han Qin stated that the key reason dYdX was marginalized by Hyperliquid lies in the liquidity responsibility mechanism. He believes that dYdX adheres to a DeFi design of "protocol does not provide backstop," which causes market makers to withdraw and depth to disappear during extreme market conditions; while Hyperliquid is more centralized, possesses a treasury, and is willing to assume liquidity responsibility, making it more suitable for high-leverage perpetual futures markets, thus gradually attracting users and market makers to migrate.
Wu Shuo learned that Jarsy CEO Han Qin stated that the key reason dYdX was marginalized by Hyperliquid lies in the liquidity responsibility mechanism. He believes that dYdX adheres to a DeFi design of "protocol does not provide backstop," which causes market makers to withdraw and depth to disappear during extreme market conditions; while Hyperliquid is more centralized, possesses a treasury, and is willing to assume liquidity responsibility, making it more suitable for high-leverage perpetual futures markets, thus gradually attracting users and market makers to migrate.