Wu Shuo learned that Jarsy CEO Han Qin stated that the key reason dYdX is marginalized by Hyperliquid lies in the liquidity responsibility mechanism. He believes that dYdX's "protocol does not provide a safety net" DeFi design results in market makers withdrawing and depth disappearing during extreme market conditions; whereas Hyperliquid is more centralized, has a treasury, and is willing to assume liquidity responsibilities, making it more suitable for high-leverage perpetual contract markets, thus gradually attracting users and market makers to migrate.