Ethereum
Lighter token gains 13% following Robinhood Wallet perpetual DEX integration
Decentralized perpetual platform Lighter outpaced major crypto assets after integration into Robinhood Wallet drove protocol fee growth.
Lighter surged 13% over 24 hours to reach a local high of $4.67, marking its third straight daily gain following the integration of its perpetual decentralized exchange into Robinhood Wallet. Over the past five months, the token has gained 465%, outpacing Hyperliquid's 136% return and Ethereum's 24% return over the same timeframe.
The integration drove higher protocol activity, with 24-hour fee generation increasing from $124,000 to $195,000 according to DefiLlama. The protocol uses these fees to execute buybacks of the LIT token, reducing the active market supply. Etherscan data also showed transfer counts rising from 1,914 on August 29 to 6,196.
Derivatives data showed Open Interest increasing from $138 million to approximately $180 million since the beginning of September. Despite a negative funding rate during the upward move that triggered short liquidations, Lighter's market capitalization reached roughly $1.09 billion, compared to Hyperliquid's $21.92 billion valuation.
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