In the past, CEX had several advantages compared to DEX, and some of these advantages are being broken one by one 1. As an entrance for fiat currency deposit and withdrawal 2. Aggregation of trading and liquidity of multiple chains and different tokens onto one platform 3. Perpetual Contract Experience 4. A huge customer service team 5. Compliance safety net In addition to compliance, DEX's transformation mainly focuses on these points to overcome CEX's experience -Moonshot was the first to introduce fiat currency to purchase Memecoin on the chain, while Jupiter and UniversalX now have fiat currency channels, bypassing CEX; -UniversalX, in an unmanaged form, is based on chain abstraction and unified accounts, allowing users to trade any on chain token on one interface without the need for different wallets or bridging assets. On chain trading is very similar to the CEX experience; -Hyperliquid has elevated the experience of trading perpetual contracts on the chain by one dimension and has now become an excellent platform for tracking the movements of whales; -Customer service is definitely not as good as CEX, which is also why there are still too few trading users on the chain now, especially under the extreme PvP, even novices dare not play, and most of them can be solved through group chat cc: @sankin_eth