Entering 2026, unissued token projects in the Perps track have become the market focus. As Lighter completed TGE at the end of 2025, capital attention has shifted to opportunities in the next cycle.

Currently, the main projects of interest include Backpack, Liquid, EdgeX, GRVT, Nado, StandX, Extended, O1, and similar projects. The market consensus is gradually shifting from blindly chasing trends to a more pragmatic approach—summarized as **Data is King**.

Specifically, focus on projects that have already generated real trading volume and maintain continuous incentive mechanisms.

The most noteworthy are the "Double High" echelon. Backpack and GRVT have both completed funding rounds exceeding $30 million and have trading volumes surpassing $30 billion. For such projects, token issuance is almost a certainty, and the valuation floor of the tokens is already established.

The HyperLiquid ecosystem should not be overlooked either. This ecosystem itself carries a huge narrative space, with internal Trade.xyz trading volume exceeding $10 billion. As the HyperLiquid mainnet continues to develop, projects within the ecosystem may benefit from the "Golden Shovel" dividends.

From a capital allocation perspective, if the operational funds are large enough, boosting the trading volume of EdgeX or Backpack offers the highest certainty. For higher risk-reward pursuits with small capital, focus on projects with good funding backgrounds but relatively low participation heat, such as Ostium, or projects still in testing phases with huge zero-cost potential like Cascade.

The key now is to make precise choices, ensuring every dollar aligns with the corresponding certainty and odds.