The crypto perpetual futures market has experienced rapid growth, but Ethereum's base layer has struggled to keep up with the demand for extremely fast and low-cost transactions. As a result, many traders have turned to other platforms such as Hyperliquid and Solana. However, Ethereum's layer-2 ecosystem has become a popular alternative, offering a compromise between security and trading performance.
Networks like Arbitrum and Base have reduced block times and become attractive trading destinations due to their growing user base and liquidity. Despite the rise of other platforms, Ethereum's role in the market is evolving, with a focus on providing a settlement and collateral layer that underpins the perpetual futures market.
Proponents argue that Ethereum doesn't need to be the fastest place to trade perpetuals, but rather the deepest and most trusted place to settle them.