#ETF与衍生品 Seeing the comparison discussion between Lighter and Hyperliquid, I am reminded that many friends have recently asked me how to view these emerging derivatives platforms. To be honest, enthusiasm is understandable, but what I want to remind everyone is — comparing product advantages is just superficial.

What truly matters is the risk management logic behind them. Lighter focuses on zero fees, privacy, and integration with traditional finance, which are indeed attractive selling points. But before and after any TGE, we should ask ourselves three questions: First, after the token incentives fade, can the platform’s trading depth be maintained? Second, how substantial are the security guarantees for my principal on these emerging platforms? Third, is the amount of funds I allocate here already beyond my risk tolerance?

My advice is, instead of obsessing over whether Lighter is better than Hyperliquid, ask yourself — have you managed your positions well in derivatives trading? No matter how innovative the platform or how luxurious its background, without strict stop-loss discipline and position control, even the best tools are just amplifiers of losses. With various token events happening frequently at the end of the year, this is precisely the time to test your long-term mindset. Protecting your principal is always more important than chasing opportunities.