Hyperliquid recently stated that it regards Lighter as a direct competitor alongside Binance and Aster. Hyperliquid pointed out that these platforms are all controlled by centralized orderers, emphasizing its own architecture advantages of being 'fully on-chain, operated by 24 validators, and having no hidden states.'

In contrast, Lighter focuses on 'verifiable execution' and proof mechanisms, providing auditability for CLOB-like trading structures. The competition between the two in decentralized trading infrastructure is gradually heating up.

$HYPE