1. Background of Lighter
1. Lighter (lighter.xyz) had its latest major financing in November 2025:
2. • Financing Amount: $68 million ($68M)
3. • Leading Investors: Peter Thiel (co-founder of PayPal)'s Founders Fund and fintech giant Ribbit Capital
4. • Participating Investors: Haun Ventures (Katie Haun's fund) and Robinhood (the commission-free trading platform, rarely invests in crypto projects, this time it is a rare involvement)
2. Estimated Circulating Market Cap
1• Possible Range:
• Be conservative: $800 million - $1.2 billion
Corresponding individual coin price
• Conservative: $2.5 - $4
(Compared to the industry leader Hyperliquid, Lighter is smaller in scale and has a different revenue model, so its market value is about 1/8 to 1/5 of its.)
III. Exchange and Listing Dynamics
After Coinbase's roadmap goes live (December 12), the historical average launch time is about 12 days, pointing towards the Christmas period.
* Hyperliquid has listed the $LIT-USDE perpetual contract, with OTC points priced at $80-85 per point, reflecting high market expectations.
IV. Platform Data and Product Performance
* Transaction volume, TVL, zero-fee spot trading (available for assets such as ETH), execution speed, etc.
* Its recent 24-hour trading volume peaked above Hyperliquid, indicating genuine user growth.
A little reminder
• You can still earn points (trade for points at lighter.xyz), which may be redeemed for airdrops.
* Post-TGE selling pressure (VC/team unlocking), Sybil impact, market volatility.
* Competitive positioning: Lighter leans towards compliance/low fees (potential Robinhood/Coinbase partnerships), but its utility is not as complete as Hyperliquid's ecosystem.
