2026-01-08 15:22:14

There are no secrets in the crypto market, only the speed of dissemination.

**Organization is needed during downturns**

Over the past 20+ Perp DEX projects are vying to launch in Q1 next year. From Aster's trading heat to StandX's incentive mechanisms, the market is flooded with information noise, causing everyone to feel a bit disoriented. This should not make us doubt Hyperliquid's position.

The synergistic effect of HyperEVM and HYPE has not yet fully emerged, but newcomers like Lighter cannot outcompete this new king. Where is the problem? We are always obsessed with first-hand gossip about the top exchanges' battles, turning the Perp DEX war into second-hand news.

**Lighter, no matter how light, can't surpass industry ceilings**

Lighter has indeed succeeded. After confirming the Perp track in Hyperliquid, it managed to establish a foothold, creating the impression of "Hyperliquid benchmarked against top exchanges, Lighter benchmarked against Hyperliquid."

But such stacking won't last long. Just look at how exchanges compete—operating their own tokens outside the top tier is very difficult. One compliant platform's market cap is more than 5 times Kraken's valuation. The trading business naturally has strong monopoly effects, making it quite difficult to secure the second position in the industry.

HYPE7,45%

LIT1,39%

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FromMinerToFarmer

· 01-11 12:48

The bunch of projects around Perp, 99% of them are just storytelling. Only a few are likely to survive. --- Lighter's "benchmarking" narrative has become tiresome; the exchange business is not that simple. --- There's indeed a lot of information noise, but starting to criticize before HYPE's collaboration even comes out? That's jumping to conclusions too early. --- The ceiling for top projects is right there, no need to keep fussing. --- Over 20 projects clustering together, in the end, it all comes down to who raises more funds and who has a stronger ecosystem; others are just bubbles. --- This round of Perp competition feels like a return to the 2021 exchange wars, where the final winner takes all. --- Honestly, Lighter's approach is indeed more passive compared to Hyperliquid; latecomers are always just following the trend. --- There are too many second-hand market rumors; many people don't even know what they're talking about and just follow the trend.

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YieldChaser

· 01-10 11:31

Even if we push to the limit, we can only be the second, this is the fate of exchanges.

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WagmiWarrior

· 01-10 05:44

There is too much noise; the real money is still made by playing at the top.

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NervousFingers

· 01-08 15:52

Basically, it's still a game of information asymmetry; whoever runs faster gets the meat.

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RiddleMaster

· 01-08 15:42

There is too much noise; the ones truly making money are still the top players. No matter how strong the next wave is, you still have to wait in line.

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MEV_Whisperer

· 01-08 15:29

It's true, information gaps mean money gaps. Lighter is eager to learn Hyperliquid's system, but the ceiling is right here.

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