There is an interesting phenomenon in the recent market. A large capital holder made a move late at night, quickly buying 0.5 BTC and 113,000 HYPE tokens. This action immediately drew attention within the community.

Some speculate that this is a bet on DEX perpetual leader HYPE. But based on the actual trend, things might not be that simple.

The ASTER project indeed made many people nervous after breaking support. However, from a technical perspective, it at least managed to hold onto key levels without further collapse, whereas HYPE continued to break down and decline. In terms of stability, both currently have their concerns.

In contrast, UNI is performing quite solidly. Not only is its token distribution fully unlocked, but it also continues to buy back and burn tokens, with community governance and dividend voting ongoing. Most importantly, UNI's position as the leading spot token has been solidified, not just driven by hype.

Compared to that, HYPE and ASTER each have their issues, while UNI remains steady, demonstrating what it truly means to be a leading DEX through concrete actions.

But to be fair, big capital players often have unconventional ideas. Some traders prefer to endure huge losses to open contracts and fight, resulting in margin calls at every market turn. This operational logic is really hard for outsiders to understand.

The market is always full of uncertainties. The key is to clearly identify where the risks are and find truly stable projects, which is much more practical than blindly following the trend.