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[@Alex_LeverUp](/creator/twitter/Alex_LeverUp)
"The evolution of Perps in DeFi is always ongoing: Perpetual (2020): vAMM for virtual price discovery dYdX (2021): hybrid CLOB GMX (2022): oracle + GLP as counterparty for yields Hyperliquid (2023): CLOB + HLP as mm/liquidation handler(absorbing losses) What's next for 2025 No LP No CLOB"  
[X Link](https://x.com/Alex_LeverUp/status/1980107856398667808) [@Alex_LeverUp](/creator/x/Alex_LeverUp) 2025-10-20T03:04Z X followers, XX engagements