Perpdex is dead (except for the hype). @grvt_io has finally launched—$GRVT has been airdropped directly to wallets; those interested can check their wallets. Better than nothing. Although the airdrop didn’t meet expectations, the high level of control combined with strong marketing makes me think there’s still room to maneuver in early secondary markets. GRVT’s fundamental narrative is relatively solid: on-chain self-custody settlement paired with an off-chain order book, positioning it as a middle ground between CEX-like experience and DeFi custody security. To be honest, Hyperliquid has dominated for too long. Others are either purely on-chain and lagging behind, or just rebranded CEXs. Whether GRVT can sustain momentum in the medium term will depend on whether trading volume and open interest can pick up—it still looks challenging. In this market, unless it’s BTC, few dare hold anything for long.