#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.

The coin price dips to the 88200 level and pulls back at the key point, with Moly near the 87800 level and operating around the key point. The hourly KDJ attempts a death cross. It is operating near the middle band on the 4-hour chart, with room for upward or downward movement in the morning and noon. Tuesday evening analysis: Around 88200-88800🈳, watch: around 87100-86300 Around 3000-3030🈳, watch: around 2950-2900 No book in the world can bring you good luck, but they can help you quietly become yourself. ​​​$BTC $ETH