In the PerpDEX track, @Lighter_xyz currently has execution and product rollout speed that can be considered among the leaders, especially in the roughly two months after the TGE, the team has maintained a very steady iteration pace.
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From public information and recent updates, they have done the following concrete things:
- Funding Rate Rebates: launched in mid‑February, holding LIT or using a premium account can receive up to 15% funding rebates. This can actually reduce costs for long‑term holders or HFT strategy players, especially useful in low‑liquidity markets or when funding is high.
- LLP bucket upgrade: recently split liquidity provider collateral into different strategy buckets such as crypto, FX, RWA, achieving finer risk isolation and reducing cross‑category impact.
- Lighter EVM: announced at the end of January, an EVM‑compatible rollup that will allow assets on Ethereum (Aave deposits, LP positions, etc.) to be used directly as perps margin, theoretically boosting capital efficiency.
- Staking attractiveness: after platform staking launched, more than 50% of circulating supply has been staked (including LLP portion), indicating many users choose to lock rather than sell pressure.
- Buyback mechanism: continuously conducting $LIT buybacks, accumulating several million tokens, indirectly supporting the token economy.
- Other minor updates: mobile app is live, network upgrade frequency is high (almost weekly or bi‑weekly), showing continuous infrastructure optimization.
On the data side:
- Currently in perp DEX rankings, volume usually fluctuates within the top 3–4 (Hyperliquid, Aster still lead, but Lighter has not fallen behind).
- OI and TVL remain high (TVL once approached the $1 billion level, recent inflows observed).
- The combination of zero retail fees + ZK verification gives it a head start on the “CEX‑like experience + DeFi security” path.
Of course, PerpDEX competition is fierce; Hyperliquid’s first‑mover advantage and other newcomers’ incentives continue to tug at market share. Lighter’s advantage lies in not relying on short‑term farming spikes, but continuously delivering substantive features, gradually attracting professional traders and institutional‑level demand.
Overall, it is not “invincible” or “rule‑changing,” but at the beginning of 2026, Lighter’s product‑valuation disconnect still exists, and its execution is indeed more stable than many projects in the same track.
If you are already trading perps, open an account and try it out, feel the differences in latency, fees, and rebates, you should get a more intuitive judgment.
Lighter 🕯️
Still moving forward steadily, worth continued observation.
Community 👉🏻 https://t.co/o4FC4Q0m8W