Layer2 perpetual decentralized exchange (DEX) projects, including Lighter and GRVT, are struggling to compete with Alt-L1 rivals like Hyperliquid and $ASTER. Despite the advantages of Layer2 solutions, these projects are hindered by the limitations of general-purpose Rollups such as Arbitrum and Optimism, affecting their performance. Specialized designs, like Lighter's optimized ZK circuits and order-book matching, are showing more promise. However, traditional automated market maker (AMM) models and DeFi incentives are losing their appeal. In contrast, Hyperliquid's central limit order book (CLOB) and hybrid liquidity pool (HLP) model, along with user-friendly features, are gaining popularity. Despite ongoing development and recent funding, Layer2 Perp projects continue to face pressure from Alt-L1 competitors.