Lighter (LIT), a new Ethereum Layer 2 decentralized perpetual futures exchange, has surpassed Pump.fun and Jupiter in market valuation following a $68 million raise and an airdrop distributing 25% of its tokens. LIT currently ranks fourth among decentralized exchange (DEX) coins by fully diluted valuation, with strong trading volume and community growth suggesting potential for further gains. However, concerns about declining revenue, overvaluation compared to Hyperliquid, and sustainability beyond airdrop-driven trading temper investor optimism.

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