#ETF与衍生品 Today I came across a comparative discussion between Lighter and Hyperliquid, which truly sparked a lot of thoughts. Both projects are redefining the future of on-chain derivatives in different ways, but their approaches differ greatly.

Lighter’s zero-fee model may seem aggressive, but it’s actually a smart choice of "spending money to save time"—professional traders pay for low latency, while retail investors enjoy extremely low costs under minimal delay. This asymmetric design actually aligns better with real market conditions. Meanwhile, Hyperliquid’s tiered trading volume structure essentially repeats the old CEX pattern.

What excites me even more is Lighter’s technical architecture. As an Ethereum L2, it can directly inherit the trust assumptions of the mainnet without relying on third-party cross-chain bridges. Especially notable is the "bridge-less cross-chain" general margin system—users can earn stETH staking rewards on the mainnet while using it as collateral for opening contracts—this superimposition of capital efficiency is the ultimate embodiment of DeFi Lego.

Although Hyperliquid’s HIP-3 decentralization has energized the ecosystem, the problem of liquidity fragmentation is quite critical. In comparison, Lighter’s unified architecture combined with privacy protection makes it significantly more attractive to institutional funds.

Of course, the real test after TGE is whether it can break the "mining, speculation, selling" cycle and achieve organic growth. This will determine whether it can truly shake up the existing landscape. I am very optimistic about this round of Perp DEX versus CEX showdown, feeling that we are witnessing a pivotal moment where on-chain finance is moving from niche to mainstream.