#去中心化衍生品交易 The Perp DEX sector has been quite volatile recently. The discussions sparked by Lighter's token issuance essentially reflect two very different survival paths—one is the "friendly" players seeking integration, and the other is the ambitious "independent" factions aiming to stand alone.

From a copy-trading perspective, this is not just a matter of tokenomics differences. Hyperliquid continues to upgrade its products (portfolio margin, EVM-compatible layer lending collaboration), each step strengthening ecosystem stickiness. Lighter's logic is more like betting on big players accepting it—such a mode carries too much uncertainty.

But don't overlook another signal: the market manipulation event on Tradexyz last weekend was quite interesting. The $13 million long liquidation wave indicates that the risk of perpetual contracts on non-24/7 traded assets is very real. This has a significant impact on the choice of copy-trading targets—platform security, trading depth, liquidation mechanisms, and other hard metrics must be re-evaluated.

The current strategic adjustment should be: platforms with strong ecosystem integrity deserve higher copy-trading weight, and the degree of token utility binding is also a screening dimension. As for those high-uncertainty newcomers, wait and see their product iterations and actual trading volumes. Practice has shown that platform fundamentals are the key to long-term gains.