Lighter (LIT) surged 13% in 24 hours to a new local high of $4.67, marking its third consecutive green day. The altcoin has outperformed both Hyperliquid (HYPE) and Ethereum (ETH) over the past five months, with returns of 465% versus HYPE’s 136% and ETH’s 24%. The rally was fueled by Lighter’s integration into Robinhood Wallet, which boosted network activity. Protocol fees rose from $124K to $195K in a day, and open interest climbed from $138 million to $180 million since September. Transfer count tripled to 6,196 in six days. Lighter’s market cap stands at $1.09 billion, 21 times smaller than HYPE’s $21.92 billion, but the gap is narrowing.
Lighter (LIT) surged by another 13% in the last 24 hours, its third consecutive green day. The altcoin made a new local high of $4.67, with trading volume surging after the perpetual DEX was built into Robinhood Wallet.
The perpetual DEX is slowly but steadily closing the gap that exists between it and Hyperliquid (HYPE). According to data, Lighter has performed better than both Hyperliquid and Ethereum (ETH). On the charts, Lighter was up 465%, followed by HYPE with 136% and ETH a distant third with 24% returns.
The correlation coefficient of Lighter with HYPE was 0.85, reinforcing growing DEX adoption. Over the past two weeks, bulls have been consistently buying LIT, as seen in the Open Interest (OI). Since the start of September, the OI has risen from $138 million to about $180 million.
The Robinhood effect has fueled the altcoin’s recent gains. The integration of Lighter into Robinhood Wallet has increased network activity, resulting in more fees. The protocol’s fees rose from $124K to $195K in the last 24 hours alone, as DefiLlama data shows. These fees buy back LIT, creating demand and reducing the token supply available in the market.
For the recent surge, short liquidations amplified the gains. This was evident as it sustained a negative Funding Rate during its breakout. According to Etherscan, the transfer count rose from 1,914 on 29th August to 6,196, tripling network activity in six days.
At press time, the market cap of Lighter was roughly $1.09 billion, while that of HYPE was $21.92 billion. The altcoin is 21 times smaller than HYPE by capitalization, but that gap may be slowly but steadily reducing. Yet, despite this gap being wide, Lighter is helping cement the DEX sector as a major crypto narrative.
