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Lighter

LIT#71 by market cap

Not covered. The criterion it missed: documentation found but no public code repository listed.

Hot: burn or buyback, staking or airdrop
#3of 24 perpetualsthe typical one is worth $35.82M#69of all coins by sizeworth $1.1B today75%of the supply still to come750M coins can still reach the market21.57Kpeople keep it on a watchliston CoinGecko, a measure of attention

Lighter is for trading without a middleman. We have not written its record yet, so its promises are not checked. It trades at $4.39, #69 of all coins by size, 44% below its highest ever price.

This week in the news: burn or buyback, staking or airdrop.

A real job, real backing. No dated promises on its pages. Nothing dated ahead. #3 of 24 perpetuals. 1 reason to be careful.

Is it real?

4 of 4tests passeda real job, real backing, something ahead, room to grow
nonenamed backersno investor or index on file
9 monthson the marketsince 30 December 2025
21.57Kpeople watch iton CoinGecko lists

Reasons to be careful:Half the supply still to come

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Passes all four

  • ✓A real-world jobReal-world purpose: trading without a middleman
  • ✓Real backingBacking: trades on Coinbase, Crypto.com, Kraken; worth $1.1B
  • ✓Something aheadAhead: news this month about partnership, upgrade
  • ✓Room to growRoom: worth $1.1B, 16 times smaller than Hyperliquid, the biggest coin within reach doing the same thing (Perpetuals)

Listed on 7 big exchanges

  • Origin30 December 2025about about 9 monthsTagged Made in USA on CoinGeckolighter.xyz, Whitepaper
  • DevelopersNot namedNeither Wikidata nor its listing names the foundersNo public code repository listed
  • BackingNo named investorListed on Coinbase, Crypto.com, Kraken, OKX
  • Standing on the recordNo recordNo dated promise to judge yet62 headlines last month, 7 about government21,573 people keep it on a CoinGecko watchlistNo corrections needed so far
Why it is worth a look
  • Real-world purpose: trading without a middleman
  • Backing: trades on Coinbase, Crypto.com, Kraken; worth $1.1B
  • Ahead: news this month about partnership, upgrade
  • Room: worth $1.1B, 16 times smaller than Hyperliquid, the biggest coin within reach doing the same thing (Perpetuals)
The gap, and what to do

It is already worth more than the typical coin in Perpetuals ($35.82M). To match the leader, Hyperliquid ($17.5B), its price would need to rise 1495%, to about $70.01.

Still to check

  • No dated promise on record yet, so delivery cannot be judged
  • No named investor among its tags

What to do Nothing dated is ahead and nothing has been delivered on record. There is no event to wait for yet, which is itself the answer.

A gap is not a forecast. Most small coins never close it. The site never picks.

Four tests, printed. Passing all four means a real job, real backing, something ahead, and a price far below the leader of its group. A filter on facts, never a verdict.

Every line has a source: the coin's own listing, CoinGecko's tags, the record, or the news feed. Reputation here is a count, never an opinion.

Does it deliver?

No dated promise has been found on the pages this project publishes. Its pages are saved every night, so anything it commits to from now on appears here.

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Every line is quoted from the project's own pages, with the copy we stored and, where one exists, the article that reported it

What is next, and when?

Nothing dated has been found on its pages, so there is no date to wait for yet.

How big is it next to its rivals?

#3of 24 perpetualsthe typical one is worth $35.82M
$1.1Bworth todayprice × coins out
$35.82Mthe typical rival is worthPerpetuals
$17.5Bthe leader is worthHyperliquid
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Only coins within a hundred times its worth; a coin a thousand times bigger is another world

Trading without a middleman

121 coins tagged Decentralized Exchange (DEX), worth $32.69B together. #5 of 121 by worth.

Perpetuals: this coin against its direct competitors

  • CoinWorth, as a barWorthAgainst this coinToday, and the gapSupplyPromises
  • Lighter$1.1Bthis coin−4.2%25% outno record
  • Hyperliquid$17.5B15.9× bigger, +$16.4B−1.5%, gap +2.722% outnone dated
  • Aster$1.85B1.7× bigger, +$756.54M−1.5%, gap +2.734% outno record
  • Jupiter$774.17M1.4× smaller, −$322.82M−1.1%, gap +3.133% outno record
  • PancakeSwap$729.25M1.5× smaller, −$367.74M−0.7%, gap +3.680% outno record
  • Raydium$369.38M3.0× smaller, −$727.61M−3.1%, gap +1.149% outno record
  • Derive$140.15M7.8× smaller, −$956.84M−1.6%, gap +2.767% outnone dated
  • Genius$101.02M10.9× smaller, −$995.97M−0.1%, gap +4.134% outno record
Same job, different how

Perpetuals: this coin next to Hyperliquid, the biggest rival within reach. People go to the bigger coin unless the smaller one does something it does not.

Lighter says
Lighter is a decentralized trading platform built for unmatched security and scale.
Hyperliquid says
The captured pages showed only the name "Hyperliquid"; no sentence describing what the project is appeared in the captured text.

Two claims, side by side, in their own words. Whether the difference is real is for the record to show over time, and for you to judge.

What it is

Lighter is a decentralized trading platform built for unmatched security and scale. It’s the first exchange to offer verifiable order matching and liquidations while delivering best-in-class performance on par with traditional exchanges.

Problem it says it solves: trading without a middleman. 121 coins are working on it and together they are worth $32,689,035,928. This coin is 3% of that.

Where it trades: Coinbase, Crypto.com, Kraken, OKX, Bybit

Each bar is a coin's worth today (price × coins out), longest first. The lit bar is this coin; grey bars are the others doing the same job.

Bars are market cap. Order is size, nothing else. Differences are measured from the coin you are looking at.

What should make me careful?

1 reason to be careful

  • Half the supply still to come75% of the maximum supply is still to come
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Why is it this small?

Perpetuals: this coin next to the group's largest, Hyperliquid.

LighterHyperliquid
Years trading8 months2 years
Major exchanges79
Named backers00
Headlines, last month62245
Promises deliveredno recordno record

What it says is different: Lighter is a decentralized trading platform built for unmatched security and scale. It’s the first exchange to offer verifiable order matching and liquidations while delivering best-in-class performance on par with…

It is 6.3% the size of Hyperliquid. On the facts above it is behind on years trading, major exchanges. For that gap to close, the record would need deliveries showing up in its record. Nothing here says it will; the site does not predict.

Printed the same way as the reasons for: facts from the record, the tags and the market feed. Never a verdict, never the word sell.

The homework: the coin itself, the news, the record

The coin itself

$4.39price of one−4.2% today
44%below its highest ever$8 on 30 December 2025
25%of the supply is out250M coins
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The last 7 days

7 days ago: $4.60now: $4.39 (−5.0%)

Where today sits against its highest ever price

$4.39

Highest ever: $7.86 on 30 December 2025. Today is 56% of that.

25%

of all LIT that will ever exist is already out in public hands: 250M coins.

75% (750M coins) is already created but not in public hands, held by the project or locked in escrow. That is a majority. Those coins can be sold later, which can push the price down.

out held back. Each dot is 1%.

A share of the app's fees or votes

Apps like this usually pay holders from fees or give them a vote. Check which.

  • Nothing the project's own pages spell out.
$4.39price of one
×
250Mcoins out
=
$1.1Bworth today, #69 of all coins

That is all a market cap is: today's price times the coins in public hands. It moves every time the price does. It says what buyers are paying, not what the coin is worth.

Basics
  • 25%of the maximum supply is in circulation: 250M of 1B.
  • 750Mcoins still to be released, 75% of the maximum. Releases can add selling pressure.
  • 4.0×fully diluted value versus today's market cap. The gap is coins not yet released.
  • 56%of its all-time high of $7.86 on 30 December 2025. That is −44.2% from the top.
  • #69by market cap, $1,096,990,858.
  • Not checkedwho holds the most coins, and how much has been burned. Those need on-chain data this site does not read yet.

Supply and value figures from CoinGecko, refreshed hourly. Not part of the record.

Real use, in dollars
  • $697.43M is locked in it right now

From DefiLlama, refreshed nightly. Fees are what people paid to use the thing; value locked is what they trust it to hold. Facts, not a score.

What the news says

62headlines, last monththat name this coin
7about governmentregulation, courts, central banks
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Headlines per day, last 30 days

62 headlines named this coin in the last month.

What they were about

  • Price10
  • SEC5
  • Whales4
  • Unlock3
  • Government3
  • Upgrade3
  • Partnership2
  • Regulation1
In the news
What people are talking about, last month:

62 headlines in the last month.

Headlines are the publishers' own. News is never placed next to price.

The record itself

Not covered. The criterion it missed: documentation found but no public code repository listed.

Pages savednot yetno roadmap page found
Promisesnone yetno record drafted
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Six facts, the project's own replies, its peers, contract facts, references and every stored copy