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The launch of Lighter's TGE revealed a systemic dilemma in the current crypto market's new coin issuance: perpetual contract trading has become the main trading scenario for new tokens, but this creates a paradox—when everyone is trading contract positions, who will take on the spot liquidity?
The prosperity of the pre-sale market has further exacerbated this imbalance. Retail investors and institutions, after raising funds through various pre-sale platforms, face liquidity issues in the open market. A large amount of capital is locked in derivatives trading, the spot order book is illusory, and the price discovery mechanism fails. This not only affects the healthy listing process of new projects but also concentrates market risk on the easily collapsible derivatives layer.
This set of game rules indeed needs reflection and optimization; otherwise, the issuance of new coins will only become more illusory.
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Basically, it's a game of hot potato—whoever ends up holding the bag is the one who loses.
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Pre-sales being so popular is actually a bad sign. I've seen through this logic a long time ago.
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The risk accumulation in derivatives is so severe that an explosion is inevitable.
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The spot market is illusory + price discovery has failed. Isn't this just a Ponzi scheme?
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Daily perpetual contracts—real liquidity has long dried up. It's laughable.
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If this continues, launching new coins will just be the start of a hot potato game.
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So, perpetual trading is essentially a zero-sum game; retail investors are just the chives.
The contract trading volume looks prosperous but is actually all smoke and mirrors; it becomes awkward once it hits the spot market.
Pre-sale cutting leeks with high pricing, and the open market can't handle the volume—this logic is already collapsing.
The derivatives bubble is about to burst; the true project value has long been drowned by leverage.
Playing with the rules every day, new coin issuance will eventually turn into gambling.
Without changing this operating system, the next project will meet the same death.
Perpetual contracts have become the main course, while spot trading has become the side dish. In other words, everyone is betting on the price and not caring about real liquidity.
They sell out after pre-sale and break even upon listing. If this cycle continues, what credibility do new coins even have?
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Everyone is trading contracts with leverage, who is actually doing the spot... No wonder new coins are always fake.
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Pre-sale prosperity is actually just bleeding into derivatives, a reversal of priorities.
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What about spot liquidity? It's all nested within perpetual contracts, right?
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Are all the risks piled into derivatives? When a collective crash happens, it will be interesting.
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Isn't this just an upgraded version of the financial game? The more illusory it gets, the better.
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I just want to ask, who is truly building instead of just speculating on contracts?
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Lighter exposes the embarrassment of the entire new coin ecosystem—no one wants the spot.
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Pre-sale → Contracts → Pump and dump, the process has already been automated.
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Waiting to see when this system will completely collapse.
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Perpetual contracts are just a black hole, new coins haven't stabilized before being drained by leverage
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Basically, it's a new way for institutions to trap retail investors, after pre-sale funding, it goes "technical malfunction" as soon as it launches
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Spot market depth is so虚 that no one dares to take over, just waiting to see who will be the last to catch the baton
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This is the real "token issuance"—not the coin, but the risk
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The bubble piled up in derivatives will burst sooner or later, and retail investors will be the ones footing the bill again
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典中典, financing完全靠预售，上市后流动性秒没，这不是诈骗吗
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The problem isn't with the rules, but that no one really wants spot, everyone is betting on contracts
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The imbalance between perpetual and spot trading has completely失衡, this system was doomed from the start
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Watching it all is infuriating, the true price discovery mechanism has died
Perpetual contracts have absorbed all the liquidity, but in the end, nobody is taking the spot, how can it not break?
Pre-sales are just a cover; funds simply can't flow into the spot market.
Issuing tokens like this is suicide; it will have to change sooner or later.
The TGE of new tokens is becoming more and more outrageous, it feels like hot potato.
That pre-sale scheme has been rotten for a long time; once the funds go in, they’re gone.
The liquidity of the spot market is indeed seriously ill; the entire market is betting on ups and downs and doesn’t care about the project at all.
That’s why even when the bull market comes, it can’t go up; the foundation was already weak.
Instead of reflecting, it’s better to wait for the bubble to burst; starting over might be faster.