#永续合约 Perpetual contracts have really taken off🚀 The on-chain daily trading volume has skyrocketed from tens of billions to hundreds of billions, and Hyperliquid has proven that high yields + buyback mechanisms are the hard currency.

But on the other hand, the market cleanup in 2025 is also necessary. Those garbage projects with high FDV and zero adoption should be smashed, meme coins'疯狂发行 has damaged the industry's reputation. TGE has become a routine for dumping, airdrops turning into rug pulls, early holders being wiped out, and most altcoins will never return to their highs💀

However, opportunities still exist — stablecoin net inflows have exceeded one trillion USD, traditional financial giants are starting to enter the market, and the sales of prediction markets like Polymarket and Kalshi are hitting new highs repeatedly. This is the correct direction for 2026.

The true winners won't be those projects that only tell stories, but those with revenue, users, and a valuable sharing mechanism. Over 60 protocols generate millions of dollars in monthly revenue, and trading, yields, and payments are the three most powerful applications.

People who sell now will regret it, but those who greedily play perpetual contracts without stop-loss will also eventually be finished. The cost of industry evolution is like this — only those who survive can enjoy the fruits of the next round🍊