After Hyperliquid broke the ceiling, Perp DEX has become an incredibly competitive field, with at least twenty to thirty players involved.
Compared to the trading volume driven by airdrop incentives, there is still a need to pay more attention to platform capital. The popular Lighter and Backpack have capital around $200 million, while others like edgeX, Ostium, and Paradex range between $50 million and $100 million.
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