#ETF与衍生品 The end-of-year token issuance wave is coming, and Lighter's TGE is really about to happen. Recently, market discussions have been very lively, and I’ve carefully reviewed the core logic, reaching a conclusion: this is not just a simple Hyperliquid alternative; the differences are significant.

First, regarding the business model, Lighter offers zero fees for retail users, only incurring slippage costs. I’ve done the math: for ordinary traders in the $1,000 to $100,000 range, Lighter’s total costs are indeed much lower than Hyperliquid’s. The underlying logic is to charge institutions for liquidity, while users experience a 300-millisecond execution delay, which is far cheaper than trading fees.

The technical architecture is the key. Lighter chooses to build on Ethereum L2, meaning it doesn’t rely on third-party cross-chain bridges and the trust assumptions they entail. The most impressive part is the "bridge-less cross-chain" universal full-collateral margin system—you can use stETH on the mainnet directly as collateral for trading on L2, earning staking rewards while opening contracts. This capital efficiency maximization is something Hyperliquid simply cannot achieve.

Liquidity fragmentation is also worth noting. Hyperliquid decentralizes authority through HIP-3, leading to a thriving ecosystem but fragmented liquidity, with the same trading pairs existing across multiple platforms. Lighter insists on a unified approach, backed by Founders Fund and a16z, with stronger compliance, making it easier to attract institutional large players.

However, the real test will come after the TGE. Whether users stay after the airdrop hype fades will determine the platform’s fate. Hyperliquid succeeded because trading volume organically grew after the token distribution ended. Lighter will face a more severe challenge. Currently, an airdrop within the year is highly probable; the cleanup of whale addresses has already begun, and abnormal trading signals in the prediction market are also quite obvious.

Seize this opportunity—what you should do now is to familiarize yourself with Lighter’s interaction mechanisms and operational procedures in advance. When the TGE actually arrives, experienced users will be able to complete interactions faster than newcomers and earn the most airdrops. This is the core of minimizing costs—being prepared in advance is always the most cost-effective investment.