$LIT - @Lighter_xyz has quietly become one of the larger perp DEXs in the market, processing roughly $1.5B-$2B in daily trading volume while maintaining around $650M+ in open interest.
That tells me traders are actually using the product,The team is still shipping as well.
Over the past few months we've seen cross-margin expansion, TWAP orders, desktop trading, new markets, and continued improvements to execution.
From a product perspective, there is clear evidence of demand.
The problem is that demand for the protocol does not automatically translate into demand for the token.
Only around 25% of the total supply is circulating today, which means roughly 75% of the supply still sits ahead as future unlocks.
That's a significant overhang.
Meanwhile, #Lighter still hasn't built the kind of network effects, ecosystem, or community moat that makes users feel locked into the platform the way Hyperliquid has.
So when I look at $LIT ,I see a protocol that is proving it deserves attention.
But I don't yet see a token that deserves a premium valuation.
For now, I view Lighter as a solid product with improving adoption, but a token that still needs to prove stronger value capture before it becomes a high-conviction investment.
Framework Rating: 2.9/5 ⭐
Product (4.5/5) | Adoption (4/5) | Revenue (3.5/5) | Tokenomics (1.5/5) | Token Capture (2/5)
