Farcaster

Hyperliquid got hit today.

Zoom out. It's the cost of progress.

Perp DEXs have been eating market share for years. The chart doesn't lie. Volume is flowing onchain because traders want speed, liquidity, and custody.

CEXs can’t compete. Reinventing themselves onchain means destroying their current businesses. Most won’t try. Those who do will move too slow.

Blockbuster didn’t become Netflix. Sears didn’t become Amazon. Most CEXs won’t make the leap either.

Finance is going onchain. Gradually, then suddenly.