2026-01-19 03:47:26

Recently, interesting changes have occurred in the perpetual DEX market. With the large-scale airdrop distribution of Lighter, its trading activity has significantly cooled down, with weekly trading volume dropping nearly 70% from previous highs, directly ceding the market leadership position.

In contrast, Hyperliquid has taken advantage of the situation to reclaim the top spot in perpetual DEX trading volume. According to the latest data, Hyperliquid's trading volume over the past 7 days is approximately $40.7 billion, surpassing Aster's $31.7 billion and Lighter's $25.3 billion. In terms of 24-hour open interest, Hyperliquid also holds a clear advantage.

This wave of ranking changes quite clearly illustrates the issue—airdrops can boost popularity, but whether they can retain users and deepen trading liquidity is the key to long-term dominance.

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MetaNeighbor

· 01-22 03:05

Airdrop pump-and-dump tactics are old tricks; without real trading depth, it's just a paper tiger. Hyperliquid's ability to hold steady this time is the real smart move. A 70% drop in Lighter's price is not surprising; once the airdrop hunters have taken their share, they leave, and genuine traders can't be retained. Honestly, it still depends on the product itself; HL's liquidity truly can't be shaken. When the airdrop hype kicks in, the true nature is revealed—this is the real picture of perpetual DEXs. Lighter is a bit unfortunate; the opportunity was good, but the airdrop messed it up. To be fair, Hyperliquid is still quite stable in this position; the ecosystem's completeness is different.

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WhaleWatcher

· 01-21 20:26

Once the airdrop hype passes, it turns around, isn't that quite normal? Lighter was indeed lively at the time, but now what? It still depends on who can truly accumulate trading volume; Hyperliquid is obviously more stable.

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ApeWithNoFear

· 01-19 04:15

Airdrop hype fades quickly, isn't that just the usual operation in the crypto circle? Lighter's performance this time was a bit disappointing, it seems we still have to rely on real trading depth to speak, and Hyperliquid has indeed stabilized this round.

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GateUser-5854de8b

· 01-19 04:14

Airdrop hype fades quickly, I've seen this routine too many times. Lighter did attract some people this time, but there's no lasting foundation. Hyperliquid sitting firmly at number one isn't without reason.

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MemeEchoer