The perpetual protocol market is showing some wild divergence post-token launch. Thirty-six hours after TGE, we're seeing dramatically different outcomes across the space.

Lighter hit with a -9% TVL drop—harsh reality check. But look at the rest: Aster absolutely ran it, gaining 95% in that same window. Hype kept steady with +25%. Even dYdX managed a modest +6% uptick.

What's telling here? Not all perp protocols are created equal when it comes to retaining capital after token unlock. Market confidence varies wildly. Some platforms have better incentive structures, deeper liquidity pools, or stronger community retention. Others? They're bleeding TVL the moment tokens hit the market.

The spread between +95% and -9% tells you everything about execution risk in the DeFi derivatives space. Winners and losers separate fast.