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Perp DEX The End of the Era: Who Won the Perpetual Futures Battle in 2025
Lighter TGE is imminent, and this round of the Perp DEX battle can be considered settled. Looking back at the predictions made at the beginning of the year, most of the logic has been validated.
Why did we reap significant gains from projects like Hyperliquid, Aster, and Lighter? Ultimately, it comes down to the weight of choices. Not all Perp DEXs can survive until the end, and not all players deserve heavy positions.
The battle in 2025 is not about technical details or trading fee rates. It’s a contest of ecosystem stickiness, liquidity depth, and user retention. Projects that can solidify the triangle of community, developers, and traders are the true winners in the end.
Observe how Hyperliquid operates, Lighter’s strategic approach, and Aster’s market performance—each project has its own way of thriving. But only those who truly understand market cycles and can adapt flexibly have made it this far. That’s why early deployment and strategic awareness hold the greatest value in a bear market.
I'm making a killing; the people who are heavily invested in all three are the happiest right now.
To be honest, Hyperliquid has really understood the stickiness of the ecosystem, while others are still exploring.
No bragging, if that wave of judgment at the beginning of the year had been on me, I would have been liquidated early.
This is a game won by those with a strong gambling instinct; ordinary people can't play it.
The key is to get in early; missing out means there's no chance.
Hyperliquid's ecosystem is indeed there, but Lighter's liquidity depth is playing it pretty smart.
It all depends on who can retain users in the end; no matter how strong the technology is, if no one uses it, it's pointless.
How I judged at the beginning of the year has basically been realized; this time, I finally didn't step on a landmine.
Those who got into all three really made a killing, much better than just favoring one strongly.
The real highlight is the ecosystem stickiness; no matter how advanced the technology is, without users, it's useless.
Lighter has taken off, and this timing for copying the move was pretty good.
Early-stage positioning is really like playing the lottery, but only a few people ever make money.
Exactly right, the ecosystem stickiness is the real key; technical details are all superficial.
Hyperliquid is indeed stable this time, but I still think Aster is underrated.
Early deployment really means doing the most valuable things in a bear market.
Lighter TGE seems to be taking off; finally, we've been waiting for this moment.
But those who still dare to hold heavy positions now are really brave.
I love hearing the idea of solidifying the triangle; community is the moat.
Those who made accurate predictions at the beginning of the year are now all getting rich—unbelievable.
Only a few Perp projects have survived until now; the rest have long become worthless tokens.
That wave of bottom-fishing at the beginning of the year really saved the day. Saying that ecosystem stickiness is easy to achieve is simple, but actually doing it is really difficult.
Hyperliquid is just the winner's mindset. Once you see the trend clearly, you won't waver.
Not to boast or criticize, but being able to survive until now really shows some skill.
Hmm, it's true that the early layout had the greatest value. I thought the same way back then.
Lighter really took off unexpectedly, but the logic behind it is indeed solid.
Options truly have the greatest potential. Choosing the right people is much more important than choosing the right technology.
In this elimination round, some people are out while others are soaring. The difference is so obvious.
Retention rate is the ultimate test; without users, everything is pointless.
A triangular closed loop that can't be solidly closed is just a waste of effort.
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Hyperliquid's ecosystem strategy is truly excellent; no wonder it has lasted until the end.
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Honestly, I missed out on Aster at the beginning of the year and feel a bit regretful, but Lighter has made up for it this time.
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Ecosystem stickiness > technology > fee rates. This statement hits the nail on the head.
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Some projects fail simply because they only focus on technology; they can't retain users at all.
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It seems that those who understand market cycles have all made a fortune this round. Truly, the bear market reveals true strength.
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The analogy of solidifying the triangle is quite good; community development and trading are both indispensable.
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From the beginning of the year until now, the choices truly changed everything. There's nothing more to say.
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Lighter TGE should be able to recover its investment this time.
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But speaking of which, will there be another chance for the next round of Perp?
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Lighter is bound to happen sooner or later; the ecosystem's stickiness is indeed solid.
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To be honest, Hyperliquid's approach still has some merit, but liquidity depth is the real king.
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People who are布局ing in a bear market are the happiest now; that's why understanding market cycles is important.
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A triangle needs to be solidified to survive; Aster's community operations really have some skills.
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The judgment at the beginning of the year was correct; it seems I chose the right projects, and others have mostly quieted down.
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But to be fair, the water in perpetual futures is still very deep; you need some foresight.
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Ecosystem stickiness > technical details; this time I’ve seen through the entire scene.
It's not easy for Lighter to survive this round; they have a firm grip on ecosystem stickiness.
Early deployment vs. late realization, a difference of just one cognitive cycle could be ten times...
Those who got into Hyperliquid are betting correctly on the key liquidity depth; talking about fees is pointless.
Honestly, some DEXs are still bragging about their technology, which is just laughable. In the face of market cycles, technical documentation is all nonsense.
Aster, this dark horse, indeed exceeded expectations; the community retention has been surprisingly stable.