Just saw the data from the decentralized perpetual contract exchange: In the total contract trading volume for the year 2025, the trading volume of Hyperliquid contracts is $2.93 trillion, with web traffic of 6.7 million; Lighter contract trading volume is $1.314 trillion, with web traffic of 1.165 million; Aster contract trading volume is $791 billion, with web traffic of 1.323 million.

$HYPE currently has a fully diluted valuation of $23.2 billion; $ASTER currently has a fully diluted valuation of $4.95 billion; $LIT currently has a fully diluted valuation of $1.73 billion.

On December 30, 2025, Lighter airdropped 25% of the total supply, which amounts to 250 million LIT tokens, to early participants on the day of the TGE. There is still selling pressure; I dare not buy much and have only exchanged a small position over, purely feeling that compared to HYPE and ASTER, it has a very good cost-performance ratio.

The token unlock situation for LIT is as follows: 50% will not begin to unlock until around December 30, 2026, entering a 3-year linear release period; the remaining 25% is reserved for future points seasons, partner incentives, and growth plans, which will be gradually released based on project progress.