#ETF与衍生品 Lighter TGE is coming, and Polymarket has large orders holding YES 🚀 To be honest, I used to think of it as a copy of Hyperliquid, which was a bit LOW. Now I realize the difference is huge.

0 fees vs tiered fee rates, which determines the fate of retail investors. I’ve calculated that in the $1,000 to $100,000 range, Lighter’s total costs directly outperform Hype, with slippage + fees killing it. Market makers use money to buy time; retail investors delay by 300ms but save so much on fees.

The most impressive part is the technical architecture. The phrase "L1 is bug" hits hard; Hype’s cross-chain bridge has a dark history, while Lighter directly builds on Ethereum L2, with ZK bridgeless cross-chain mapping. stETH can earn staking rewards while serving as collateral? This isn’t just a simple tech upgrade; it’s a blow to capital efficiency.

And here’s a detail that beats everything: Hype’s trading is fully transparent, making large positions easy to sniper. Lighter emphasizes privacy, which is essential for institutional funds. The Robinhood-Lighter-Citadel triangle—Citadel as market maker resources + Robinhood’s millions of retail users + ZK-level security backing...

But the real test after TGE will be brutal. Can Hype maintain its momentum after incentives end? Will Lighter survive the liquidity crisis after VC unlocking and airdrop expectations are fulfilled? That’s a huge question. Watching the end-of-year movements, but right now, the logic of getting in is definitely much stronger than when I was considering Hype.