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Recently, two perpetual contract (perps) projects with similar names have been identified in the market. The 01 Exchange project is quite popular and has attracted many users' attention. At the same time, there is o1 exchange operating on the Base and Solana networks, mainly focusing on meme token trading. At first glance, the names are indeed easy to confuse—one is "Li Kui," and the other is "Li Ghost." Although their names are similar, their infrastructure and positioning are completely different. It is worth noting that 01 Exchange is supported by well-known investor Multicoin Capital, which is also a key reason for its market attention. For users interested in participating in perpetual contract trading, understanding the differences between these two projects is essential to avoid operational errors due to confusion.