2025-12-29 14:24:27

The recent market has been relatively calm, but the discussion on Twitter remains hot, with voices in the perpetual contract DEX, prediction markets, and X402 tracks never diminishing.

Regarding perpetual contract DEX, Hyperliquid's performance has already demonstrated everything with data — on-chain contract trading indeed has genuine demand. Looking at leading exchanges, even with a clear market leader advantage, it is far from a monopoly stage. This logic also applies to the Perp DEX track, where it is certainly not a one-dominant situation. The market capacity is large enough to accommodate multiple players, and there is plenty of room for differentiated competition.

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Anon4461

· 12-29 14:53

HL data is indeed impressive, but for perpetual DEX to truly take off, it depends on who can make the user experience smooth.

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RektCoaster

· 12-29 14:52

I believe, but the data from Hyperliquid is really shocking... If there's still a chance in this space, it depends on who can perfect the UX.

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PaperHandsCriminal

· 12-29 14:46

Here comes another rambling about the bullish story. The HL data looks good, but I already ran away a long time ago haha --- Perp DEX still has so much work to do? Why do I always find out last --- Differentiated competitive space... sounds like my crypto trading space is also very large, but I still lost money --- Accommodating multiple players, huh? Then what about my wallet --- The easiest time to get liquidated is when the market is stable, I understand that --- It's "market capacity is sufficient" again, just like last year --- Hyperliquid is indeed powerful, but only a few can truly survive --- The track is hot, but my holdings are already lying flat

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RugDocDetective

· 12-29 14:45

Hyperliquid data looks good, but honestly, it still depends on who can survive longer in the future. This track really has no one who can sit firmly on the throne; differentiation is the key. Perpetual DEXs are now like a gold rush; everyone wants a piece of the pie, but how many will actually survive? Market capacity is large, but the key is whose product experience and risk control are the most solid. Perp DEXs still have opportunities, as long as they are not completely copy-pasted trash projects. Yes, healthy competition among multiple players is always better than a monopoly. Data speaks for itself, but on-chain real trading volume needs continuous monitoring; we can't just look at temporary glory. It feels like perpetual DEXs will have another wave of competition; product innovation and operational capabilities are the dividing line. Head advantages do not equal monopoly; this is very clear, and the market still has great potential.

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CryptoHistoryClass

· 12-29 14:33

*checks notes* ah yes, the classic "there's room for everyone" narrative right before the consolidation phase hits. history rhymes with 2017's altseason when people swore 500 different exchanges would coexist. spoiler: they didn't.

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BlockchainTherapist

· 12-29 14:26

Perpetual Contract DEXs indeed remain popular, with Hyperliquid data right there, but claiming to accommodate multiple players... is that true or not? The market is that small, what selling points do latecomers have?

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