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According to ChainCatcher, Rob stated in an interview that as large institutions or traders, they do not want their operations to be known by the market, especially in perpetual contract trading, where their trading strategies are private. As fund managers, on-chain information would expose the secrets of their excess returns (Alpha), and the key to financial scalability lies precisely in the protection of privacy for trading products.

According to ChainCatcher, in a technology and crypto podcast, Fiddy, co-founder of the high-performance decentralized exchange Paradex, stated that DEX fees should no longer be proportional to trading volume. Instead, fees should depend on the positive or negative impact brought to the liquidity pool. Order flow similar to Robinhood is executed within a relatively closed ecosystem, which is more like a web2 model. However, in the DeFi sector, there is no such permissioned "order flow"; rather, it is more like using technical means to directly "permit" trading orders. This also means that DEX products must develop new business models beyond just transaction fees.

PANews reported on December 19 that, according to Onchain Lens monitoring, a whale address accumulated a total purchase of 4,599 Ethereum (ETH) in the past 24 hours, with a total value of approximately $13.2 million. This includes an additional purchase of 2,249 ETH (worth $6.54 million) from the HyperLiquid and Lighter platforms. At the same time, the whale further increased a 20x ETH short position on the above two platforms.