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I went to Hong Kong over the weekend to attend Lighter’s private dinner, and after being a year late, I finally met Vlad @vnovakovski and several team members I had previously known online.
Attendees included several funds, some big traders, and market makers. The funds were interested in purchasing ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2.
During the dinner, I asked some extremely pointed questions and obtained a lot of first-hand information, which I estimate is also what community members most want to hear, so I’m passing it on to everyone.
1. When will the US compliance licenses

Rich but unhappy—what should you do?
Returning to my village during the National Day holiday, I seriously reflected on the significance of wealth for people and gradually moved away from “financial nihilism.” Put simply, there is a common phenomenon in society: many people become bored after earning their first sum of money that exceeds their understanding and desires. This is especially common in the crypto world. To improve this boredom, you have to understand the meaning of money. I think it specifically has two aspects:
First, wealth means individual freedom
It is not just what we commonly

A little-known fact:
hyperliquid:native will surpass coin:native with another 15-point rise.

If I had extra money now, I would buy as much $LIT
as possible at all costs. Is this one of the few opportunities I’ll have in my lifetime?
Is this the window through which I can change my social class?
I’ve turned my past understanding into a judgment and pushed my chips in heavily. Even if the objective probability is only 0.1% higher, I’m willing to pay for my conviction. I got it right before, and I believe I can do it again this time.
I told my parents to sell the house and buy it, but they said to keep it for my future marriage. I want to sell my current house and buy it, but the landlo

Pons’s daily token launches and trading volume have been trending downward since September 5, and its token price also happened to reach a recent high on September 5.
For a fully circulating project like this, with 80% of net profits used to buy back and burn its own token, the token price can temporarily be benchmarked against the P/E ratios of Hyperliquid or other similar projects. However, Launchpad is a highly volatile and random sector, so you cannot assume it has “long-term stable revenue for buybacks and burns” like a PerpDEX; instead, you need to assess whether the expected incremental

Pons’s daily launch volume and daily trading volume have been trending downward since September 5, and its token price also coincidentally reached its recent high on September 5.
For a fully circulating project that uses 80% of its net profit to buy back and burn its own token, the token price can be briefly benchmarked against similar projects such as Hyperliquid or others using P/E, but Launchpad is a highly volatile and random sector. You cannot assume it has “long-term stable revenue for buybacks and burns” like a PerpDEX; instead, you need to see whether its expected incremental growth ca

The latest version of the CLARITY Act was released today. I took a look at the approval probabilities on Polymarket and Predict—18% and 17%, respectively. It seems unlikely that the vote will pass on September 15.
But it’s not a big deal. Regardless of whether the CLARITY Act passes, the SEC and CFTC will jointly roll out a “digital asset regulatory framework”; the difference is that one provides regulatory confirmation at the legal level, while the other offers guidance and direction at the policy level.
In short, passing would be a good thing, but not passing would be fine too.

Top 10 altcoin gainers over the past 90 days (excluding on-chain memes)
1. PONS: Robinhood launchpad platform token, the platform with the most recent hype and mentions; it charges a 1% fee, 80% of which is used to buy back and burn its own token.
2. UNI: Uniswap platform token; after enabling the fee switch, revenue surged because on-chain memes migrated from Robinhood and are mainly traded on Uniswap, with 100% of protocol revenue used to buy back and burn its own token.
3. LIT: Lighter exchange platform token; 100% of all profits generated by Lighter are automatically used to buy back its o

Robinhood Chain should be the first Layer 2 to bring in 3m a day; Vitalik never expected the cheapest one to be the mainnet.
It’s terrifying—Robinhood Chain’s daily revenue has completely surpassed Ethereum mainnet, Solana, Justin Sun’s Tron, and crypto money printers like Hyperliquid and Pump.
Its revenue = the ETH gas fees everyone pays to Robinhood - the DA fees sent to Ethereum through Arbitrum blobs - the 10% infrastructure dividend allocated to Arbitrum.
With memes booming, on-chain congestion means a single gas fee costs at least a few u and as much as dozens of u; moreover, Robinhood i

Still seeing two Crypto halo moments on the Robinhood chain.
1. The crushing advantage of directing fees back to token prices
While Pons, AI, and all kinds of cats are flying around, the platform token PONS earns hundreds of thousands of dollars a day, but uses 80% to buy back and burn its own tokens. This fee-to-token-price mechanism is precisely what enabled PONS to go from fierce competition among hundreds of projects on the early Robinhood chain launchpad to now dominating with a 70%+ market share.
Either don’t issue a token and focus on refining your product, or if you do issue a Token, t

This market reminds me of a saying.

New profile picture from Lighter Fuego #newpfp