Perpdex volume slowing down rn. But @grvt_io still gaining share says more than growth during hype cycles. When the whole sector expands ~4x and one player captures 26x more share, that’s positioning. What kept my attention even more is the overall design. Yield on margin changes how capital behaves idle collateral becomes productive and once that standard is set, others are forced to adapt. This is how categories evolve quietly. Starting to look less like a perpdex more like a broader onchain finance layer. Can’t wait to see how far this model can go.