The DEX war on the SUI chain has actually become quite intense. Cetus occupies 43% of the entire SUI DEX market's TVL, with a volume of over 80 million dollars, basically leaving the competition far behind. DeepBook, as a base layer CLOB, has also captured a share of 10 to 20 million. Although Turbos is smaller in scale, its technical approach is different, combining AMM and order book. @ferra_protocol currently has a TVL just over 10 million, ranking third, but it's really not on the same level as the top two. However, I think their strategy is quite clear ➠ they are not directly competing with Cetus's liquidity but are focusing on the niche of "social DLMM." Play styles like LP Guild and FerraFeeds are indeed unique on the SUI chain. The technical advantages of DLMM do exist; bin-based liquidity management is indeed more efficient than traditional AMM. But Cetus has recently started adding DLMM modules, so the technical barrier isn't as deep as it seems. Ferra's real opportunity lies in whether it can build up the community during the pre-TGE phase, creating enough differentiated awareness by the time the token is launched. In simple terms ➠ if you're just trying to create a "Uniswap on SUI," then Cetus is already the answer. But if you want to create a "DEX with community involvement," then Ferra still has a chance to emerge. Ultimately, it all depends on how the TGE is launched in 2026 and whether the community can truly be retained.