PERP DEX DOMINANCE ROTATES FASTER THAN THE REST OF DEFI

Summary from the TLDR Crypto newsletter

Perp traders are ruthless. Liquidity and users jump to whatever venue offers the best fills, incentives, and UX, hence the rapid rotations from dYdX to GMX to Hyperliquid. Other DeFi verticals turn over more slowly. Aave still leads lending, Uniswap spot, and Lido staking. Expect the top perp DEX to keep changing hands, even as leaders in other categories remain sticky.