With the gradual recovery of the market, the on-chain trading ecology is ushering in a new round of outbreak. From innovative DEXs that support zero gas fees and rebate incentives, to new platforms such as Hyperliquid and Aevo that represent high-performance experiences, users are rapidly migrating from centralized exchanges to on-chain. At the same time, the boundaries between CEXs and DEXs are becoming increasingly blurred, and trading logic and product forms are gradually merging, bringing a new way of using and participating. This issue of Gate Live will deeply analyze the core trends of on-chain transactions, dismantle the logic behind the changes in user behavior, and discuss how the platform can grasp the opportunity in the new round of narrative to achieve a double breakthrough in product innovation and user growth.