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🔥 Key Takeaways
- Market Reshuffle: Hyperliquid has reclaimed the top position in the perpetual decentralized exchange (DEX) sector, overtaking competitors.
- Lighter’s Decline: Lighter is experiencing significant headwinds, with weekly perpetual trading volume dropping nearly threefold from its recent peak.
- Token Struggles: Lighter’s native token, LIT, hit a record low this Monday, driven by broad market weakness and a mass exit of airdrop farmers.
- Sector Volatility: The competition for dominance in the on-chain perpetuals market remains fierce, highlighting the rapid shifts in user loyalty and liquidity.
Hyperliquid Reclaims Perp DEX Crown
The perpetual decentralized exchange (Perp DEX) landscape is undergoing a dramatic reshuffle. After a period of intense competition, Hyperliquid has successfully reclaimed the top spot as the market leader. This shift signals a reconsolidation of liquidity and user activity around established protocols, as the race for on-chain derivatives dominance continues to evolve.
Lighter’s Volume and Token Price Slide
While Hyperliquid surges, Lighter is facing a challenging period. Recent data indicates that Lighter’s weekly perpetual trading volume has plummeted, dropping nearly threefold from its previous highs. This decline in activity has had a direct impact on its market valuation. The native token, LIT, fell to a record low on Monday. Analysts attribute this downturn to two primary factors: broader market weakness affecting the crypto sector as a whole, and an exodus of “airdrop holders” who are cashing out following the completion of incentive programs.
Market Implications
The contrasting trajectories of Hyperliquid and Lighter underscore the high-stakes nature of the DeFi derivatives market. As liquidity tends to flow towards platforms with the deepest order books and most reliable execution, market leadership can change rapidly. For traders, this volatility offers both opportunity and risk, as the stability of newer protocols is tested against incumbent giants.
| Name | Price |
|---|---|
 Bitcoin(BTC) | $90,079.44 |
 Ethereum(ETH) | $3,015.80 |
 Tether USDt(USDT) | $1.00 |
 BNB(BNB) | $890.26 |
 XRP(XRP) | $1.95 |
 USDC(USDC) | $1.00 |
 Solana(SOL) | $130.09 |
 TRON(TRX) | $0.300404 |
 Dogecoin(DOGE) | $0.126752 |
 Cardano(ADA) | $0.365474 |