I watched a bunch of discussions about Hyperliquid. GMX's historical status and research value have been underestimated by too many in the crypto Twitter community and project teams. GMX is a dead project. But its process of revival, transformation, and decline is something you cannot analyze Hyperliquid without looking at. Instead of talking about dYdX or Drift, GMX's GLP mechanism (which is still mainstream today), the oracle manipulation incident, and its ecological architecture are all closely related to HL.
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