The Perptual Futures platform Hyperliquid's $HYPE Token has recently become the focus of discussion. Investment firm Cantor Fitzgerald has made a bold prediction - by 2035, this Token is expected to exceed $200.

At first glance, this prediction does seem radical, but the reasoning behind it is not based on mere imagination. The HIP-3 improvement proposal is seen as a key growth engine, and this direction seems to have a logical basis. However, the reality is quite harsh – high-yield competitors like Lighter DEX are rising, and the competitive landscape is becoming increasingly intense.

Interestingly, the underlying assumption of this report touches on a deeper topic: the liquidity of centralized exchanges is migrating towards the DEX ecosystem. This reflects a shift in traders' mindset — people are increasingly valuing the autonomy and convenience brought by decentralized trading.

The question arises: Can Hyperliquid maintain its market position amidst this wave of DEXs relying on its own improvement mechanisms and innovative designs? Or will the new generation of decentralized exchanges pose a threat to it? This suspense currently has no answer.