#ETF与衍生品 By the end of the year, the TGE chess game, Lighter is really about to make a move🔥 Someone in Polymarket has bought YES for $125,000, and Coinbase has also officially announced the roadmap. Can the signals be any clearer?

The key is that Lighter's approach is completely different from Hyperliquid. HYPE relies on incentivizing trading volume, but once the airdrop ends, the capital flow will be over. Lighter instead uses a combination of zero fees and no-latency channels to directly reduce the barrier—ordinary retail investors face much lower costs than HYPE, and institutions are willing to pay for speed. This is the sustainable business logic.

Even more impressive is the technical architecture. As an Ethereum L2, it doesn't rely on multi-signature cross-chain bridges; it directly uses ZK technology to map mainnet assets as collateral, which is highly attractive to institutional-grade funds. Plus, with the Robinhood+Citadel line, it really feels like building an interface between traditional finance and on-chain.

But honestly, how to maintain enthusiasm after the TGE is the real test. HYPE has lasted this long because its trading volume has grown organically. Whether Lighter can avoid the "mining, selling, and dumping" curse depends on whether new narratives can support the market in the future💯