Can the soon-to-launch Lighter surpass Hyperliquid?Recently, Lighter's trading volume in the decentralized perpetual contract DEX market has risen rapidly, with its daily, weekly, and monthly cumulative trading volumes surpassing those of Hyperliquid, making it the fastest-growing decentralized perpetual contract DEX during this period. However, from a capital structure perspective, Lighter's TVL and open interest have not expanded in sync with its trading volume, indicating a significant divergence between trading activity and capital retention. This also reflects the current stage-specific characteristics of its user base and trading behavior. At the same time, Lighter completed a $68 million financing round in November, supported by institutions such as Founders Fund, Ribbit Capital, and Robinhood. Driven by the influx of capital and the upcoming TGE, its points mechanism and airdrop expectations have become the main drivers of increased user activity on Lighter.
PANews·12m ago