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1️⃣ Click to check your Year-End Summary: https://www.gate.com/competition/your-year-in-review-2025
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In the 2025 on-chain trading race, the era of infrastructure competition has long been left behind. Fast matching, deep liquidity, and low slippage are now standard features for perp DEXs. A multitude of projects are launching simultaneously and constantly refreshing parameters, but they are deeply stuck in homogenization and internal competition, making the core highlights that retain long-term users increasingly unclear.
While everyone is fiercely competing in the performance race, Mirana, backed by the Hyperliquid ecosystem, has become a refreshing stream in the race.