2026-01-10 15:22:51

I previously mentioned that only after the token releases of leading projects like Perp DEX will the on-chain derivatives track truly enter the next round of competition. To put it simply, perpetual trading and prediction markets are still extensions of the previous DeFi cycle, not entirely new main tracks.

Recently, I looked into the data performance of Lighter and edgeX on Defillama and made some new observations. Coincidentally, I also discovered an interesting project focused on the Perp direction, and I want to share it with everyone. From on-chain data and product logic, these types of projects have their own approaches in trading depth, user retention, and fee structures. Lighter mainly focuses on optimizing order book models, while edgeX has made breakthroughs in liquidity aggregation. The newly discovered project has also introduced many innovations in risk management and capital efficiency.

Overall, the development of Perp DEXs is still in the stage of differentiated competition. Those who can find a balance between user experience, cost control, and risk management will be more likely to stand out.

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ShibaMillionairen't

· 9h ago

Wait, what's the name of that new project you mentioned? Why didn't you mention the name? How am I supposed to follow?

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fomo_fighter

· 01-10 15:52

Wait, is the real competition only after the token release? We're still in the fundraising stage, haha. --- How are the data for Lighter and edgeX? Can they surpass dydx? --- Does good risk management guarantee a win? I think it still depends on whether there is big capital backing. --- The order book mode is back again. Can this track really become fresh again? --- What’s the use of high capital efficiency? The key is whether the liquidity is deep enough. --- Talking about differentiated competition sounds nice, but ultimately it’s about cutting fees, right? --- Tell me about that new project, don’t hide it.

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FlashLoanLord

· 01-10 15:49

It's still a matter of waiting for the token release; only then will Perp truly begin. I've looked into Lighter and edgeX, but I feel the risk control logic of new projects is indeed quite interesting. Ultimately, it depends on who can balance cost and user experience well. The real tug-of-war begins after the tokens are unlocked; it's too early to draw conclusions now. Whether it's order book mode or liquidity aggregation, at the end of the day, it's about competing for market share with the leading players.

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GasFeeVictim

· 01-10 15:48

Wait, is the real test only after the token release? Right now, those Perp projects are still just eating air.

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GateUser-7b078580

· 01-10 15:41

Data shows that the token release cycle is the real hurdle. Let's wait and see... Although, the order book optimization on Lighter's side is indeed somewhat interesting, but I'm worried it might just be a fleeting moment.

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GasFeeNightmare

· 01-10 15:24

Still lurking on the gas tracker late at night. From your analysis, I can tell that I’ll have to wait until the token unlock day to enter with low gas... I’ve tried both Lighter and edgeX, and the transaction fees are about the same, still roughly the same and still at a loss.

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GateUser-1a2ed0b9

· 01-10 15:24

The real start begins only after the token release is complete. Right now, we're still in the testing phase.

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