#ETF与衍生品 Recently, discussions about Lighter and Hyperliquid have been flooding the screen, as both projects are about to launch tokens. But after reading the information, I realized their logic is completely different. 🤔

I used to think Lighter was just a copy of Hyperliquid, but after a closer look, I understood how big the difference is. Lighter offers zero fees for retail investors, only requiring a 300-millisecond execution delay. In contrast, Hyperliquid’s fee discounts mainly benefit large traders (over $500,000), which puts small investors like me at a disadvantage. Moreover, Lighter uses cutting-edge technology like "bridgeless cross-chain," allowing assets on the ETH mainnet (such as stETH) to be used as collateral, while still earning staking rewards—it's like cheating.

But some people question whether Lighter will fade away after the airdrop ends. After all, many projects have the curse of "mining, dumping, and selling." However, looking at the team’s background, the founder comes from Citadel and has investments from Robinhood, so it seems there might really be something different about this one.

Now I just want to see if the TGE at the end of the year can happen as scheduled, and how the airdrop will be distributed. The competition among these derivatives platforms is indeed interesting; it feels like the financial infrastructure of the crypto world is still rapidly iterating.