According to Contribution Capital's data manager Eugene Bulltime, on-chain RWA derivative trading has gradually gained attention. Currently, Lighter ranks first in RWA OI with $280 million, accounting for approximately 16% of the platform's total open interest. Its market share in RWA derivatives has increased from 29% to nearly 50% over the past month; Hyperliquid, bolstered by the HIP-3 market, has seen its market share rise from 15% to 30%. Although Ostium has maintained a major share this year, it is beginning to lose its leading advantage. Notably, the growth of Lighter and Hyperliquid has actually brought additional liquidity, with RWA OI increasing from $384 million to $607 million.