From the perspective of technological evolution, Web3 is undergoing a “back-end-ification” transformation. In the past, we were preoccupied with whether decentralized exchanges (DEXs) should use the AMM model or an order book. Now, the trading volume of high-performance DEXs (such as Hyperliquid) has nearly reached that of Coinbase, and the share of DEX perpetual futures contracts has risen from under 5% to nearly 12%. Trading modes have found their most efficient form within their physical destiny. Complex concepts such as cross-chain bridges and gas fees are encapsulated inside an “intent” black box, hiding them from users.