After the New Year, I reviewed the market landscape and identified two main tracks for 2026.



Essentially, both tracks point to the same core—liquidity. Currently, whoever can provide a better liquidity experience holds the initiative for growth.

The first track is perpetual contracts (Perps). Competition here is becoming increasingly fierce. The popularity generated by Lighter previously directly attracted a large influx of new users. Now, new projects are clustering in this track, and the level of competition is visibly intense.

The core projects I personally favor aim to truly surpass existing mainstream solutions in user experience. But honestly, the competition is indeed very fierce right now. To stand out in this track, one needs to have clear advantages in both product quality and liquidity depth.

There are many opportunities in this track this year, but competition is also heating up. Benchmarking the current situation, identifying differences, and precise positioning are the keys to breaking through.
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ser_aped.ethvip
· 12h ago
Perps is now a battlefield of cannon fodder competing with each other; only a few will truly survive. When Lighter was gaining popularity, I was optimistic, but now I'm really a bit tired of it... the product experience isn't much different. Liquidity is king, that's true, but it feels like every new project is just bragging about having the deepest liquidity. Honestly, with such fierce internal competition, most small projects should have been eliminated long ago. Is core competitiveness in experience? But most of the market looks similar, so standing out is just too difficult. Breakthrough? I think it's mostly about pouring money into traffic, especially without black technology. After Lighter, I haven't seen any truly capable competitors; they're all just following the trend.
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NftMetaversePaintervip
· 12h ago
honestly the perps space is just becoming a liquidity arms race at this point... everyone copying everyone else's playbook. lighter popped off and now it's just *noise* everywhere ngl
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RektRecordervip
· 12h ago
The perp sector is so competitive that I'm exhausted. It feels like except for Lighter, everyone else is cannon fodder.
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ponzi_poetvip
· 12h ago
Perps is really everywhere now. Honestly, I can't see anyone truly breaking through. Liquidity depth is easier to talk about than to actually do. Another discussion about the 2026 hot trend—can this time be different? After Lighter became popular, it seems like any project dares to enter this track, and the competition is fierce. Whether the experience is good or not, users know in their hearts. Don't make big promises.
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TestnetFreeloadervip
· 12h ago
The perp track is now getting really competitive, everyone is competing internally, it feels like only a few can survive. By the way, Lighter did indeed spark a wave, but those who entered later are just here to make a quick buck... Regarding liquidity, you're right—whoever has deeper liquidity wins.
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DefiSecurityGuardvip
· 12h ago
⚠️ The perp sector is so competitive. Have you really received the audit report? Deep liquidity doesn't mean the contract has no vulnerabilities. I've reviewed the projects that have gone live, and several have MEV protection flaws. Don't be fooled by the UX. For those who dare to all-in on new projects, please check the address blacklist and historical rug records during your DYOR... This is not alarmism.
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BlockchainRetirementHomevip
· 12h ago
Perpetual contracts are indeed extremely competitive right now. Once Lighter caught fire, everyone followed suit, and now everyone wants a piece of the pie. Liquidity is king, and there's truth to that, but essentially it's a contest of who has more funds and who offers a smoother user experience. Honestly, most new projects are just re-skins with little genuine innovation. In my opinion, this track this year is just a continuation of last year's hype. The ones that can truly survive are those with real differentiation. Others? Well, you'll see after waiting a bit.
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