The recent crypto market has been quite lively. Meme coin FISH has hit a new all-time high, with a market cap reaching $12 million, up 35.7% in 24 hours. However, Bitcoin's performance has been somewhat unstable, briefly dropping below $91,000 this morning, and the sustainability of the rebound remains to be seen.

The US stock market is also in a tug-of-war, with crypto-related stocks generally weakening, although Strategy has surged by 4.43% against the trend. After the release of US employment data, market expectations for a rate cut by the Federal Reserve in January have been significantly lowered. Meanwhile, there’s an interesting move—Falcon has launched an off-chain Bitcoin yield vault, with an expected annualized return in the range of 3%-5%.

Looking deeper, 2026 is destined to be a critical year for Perp DEX competition. From Hyperliquid and Aster to the recent TGE of Lighter, almost every Perp DEX issuing tokens in this cycle has made a big splash. As the hype around Lighter airdrops subsides, the trading data for second-tier Perp DEXs has already shown noticeable improvement. According to perpetualpulse statistics, the leading platforms in unissued token trading volume include edgeX, Variational, Extended, GRVT, and Paradex.

What will happen to these yet-to-issue DEXs? It’s worth keeping an eye on. After all, once the airdrop expectations are set, user participation often experiences a qualitative leap.