the real reason why $HYPE is trading 24x higher than $LIT

for hyperliquid, you know you’re directly owning a piece of the exchange
99% of the trading fee revenue is used to buy back and burn the token
with lighter, you’re currently betting on future ownership
as vlad stated, this depends on regulatory clarity being passed
this doesn’t make it a bad investment, it just comes with additional risks around the ownership question compared to hyperliquid
that said, if regulatory clarity does get passed and token holders receive real ownership in the exchange, it would be a major bullish catalyst for the token