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Lighter

21 pieces · Jun 2025 to Oct 2026 · 5 flagship

Sectors

Perps18 Hyperliquid8 Market structure8 DeFi7 L1/L23 Regulation2

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Coverage per year

152025

62026

Price and coverage

Lighter $LIT

Calls: 1 bearish
Since first call, bearish: +38%
vs BTC: +48%
Now: $3.43

bullish thesis bearish thesis coverage, no call map, list or mentionWeekly closes in USD, as of 23 Oct 2026. Call figures turn cyan when the price moved the way the call pointed. Each marker links to its piece.

Start here · the strongest pieces on Lighter

Map16 Jun 2025CLOB Wars Line-Up 2.0: 26 onchain orderbook projects mappedUpdated community-sourced landscape of CLOB venues across L1s and L2s, each with its architecture, from Hyperliquid's HyperCore to Monad, Sui, Aptos, Cosmos and Solana projects.Map18 Jun 2025The Ultimate ZK Infrastructure Landscape: 64 projects across 8 verticalsMaps 64 ZK projects across zkVMs, universal proving, verification and aggregation, zkEVMs, app-specific rollups, hardware acceleration, ZK privacy and zkTLS.Thesis11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.

Timeline · every piece, newest first

2026 6

15 Oct 2026TxFlow points Season 1: scenario math for an onchain CLOB perp DEXTxFlow is an L1 with a fully onchain order book doing ~$1.2B weekly volume before points. With ~36M Season 1 points he models $2.75 to $34 per point across FDV scenarios; a consistent account at 0.1% share would hold ~30,000 points against ~$13k of taker costs.DataPerpsL1/L2

13 Jul 2026Lighter vs Hyperliquid: two regulatory bets on US perpsArgues the Clarity Act is not the perp switch, since perps were always CFTC territory and the US unlock is agency-led. Lighter licenses the venue, while Hyperliquid keeps the protocol neutral and needs the CFTC to let a registered DCM run on onchain rails.ThesisHyperliquidPerpsRegulation

24 Feb 2026Perp DEX Wars report: eight platforms, one institutional scorecardAnnounces A1 Research's comparison of eight perp DEXs, finding the volume leaderboard and an infrastructure-quality ranking tell very different stories on capital stickiness, execution cost, confidentiality and liquidation design.BreakdownPerpsDeFi

08 Jan 2026Market-maker economics on perp venues: rebates, zero fees and flow toxicityDecomposes MM PnL into spread capture, adverse selection, inventory risk, funding and fees. Compares maker rebates, zero-fee growth models and Paradex's flow segmentation via RPI, arguing liquidity is stable only if maker EV stays positive in volatility.ExplainerPerpsMarket structure

01 Jan 2026Lighter LIT allocation disclosure: 10M LIT to an LLP depositorComments on Lighter's disclosure that a third party received ~1% of supply for a $5M LLP deposit, surfaced by onchain sleuthing. Argues hidden insider deals erode trust and should be disclosed upfront.Market takePerpsMarket structure

01 Jan 2026Why token launch format matters less than insider extraction and missing rightsArgues Lighter was not hurt by airdrop vs ICO but by alleged shady behaviour, and that tokens without shareholder rights, traded on unregistered venues and diluted by insiders won't attract rational TradFi investors.Market takeMarket structureRegulation

2025 15

29 Dec 2025Perp DEX volume vs open interest: Hyperliquid, Lighter, Aster, edgeXVolume can be rented by incentives while open interest is committed risk. Hyperliquid leads OI while Lighter and Aster lead volume, so challengers must prove durability once incentives fade.DataPerpsHyperliquid

24 Oct 2025Why Solana TVL holds at $11B while user activity fellSolana TVL is near ATH while active users dropped since the meme and agent peak. Attributes the shift to perp appchains, Phantom's Hyperliquid integration, BNB Chain and Base retail competition, and prediction markets absorbing gambling flow.Market takeSolanaPerpsMemecoins

17 Oct 2025State of the CLOB Wars (A1 x GSR): key findings of the 50-page reportTL;DR of the A1 Research and GSR report: CLOBs hold over 71% of DEX volume, CEX-level performance is achieved, modular appchains compete with monolithic L1s, and application-controlled execution plus privacy and risk management are the next frontier.BreakdownPerpsMarket structureDeFi

16 Oct 2025A1 Research CLOB campaign: reading list of 11 articles and reportIndex of A1 Research's CLOB campaign: 11 articles and a two-part report covering AMMs vs CLOBs, CLOB appchains, real-time chains, Hyperliquid, Paradex, Bullet, Monaco, privacy and institutional DeFi.OtherPerpsMarket structureDeFi

11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.ThesisHyperliquidPerpsMarket structure

05 Oct 2025Aster and paid KOL shilling in the CLOB wars: moat and fake volumeArgues hot narratives bring airdrop farming and paid KOL shilling, citing Aster as a CEX-led effort. Urges checking each project's technical or product moat and timing, and studying builders like Bullet, Paradex, Monaco and Lighter.Market takePerpsMarket structure

04 Oct 2025Hyperliquid vs Aster vs Lighter: open interest to volume ratiosOpen interest reflects conviction while volume can be mercenary. HL has a 0.64:1 volume-to-OI ratio, Aster 40:1, suggesting wash trading, and Lighter shows a similar but milder pattern likely driven by airdrop expectations.DataHyperliquidPerps

30 Sep 2025CLOB wars data: CLOBs hold 92% of perp volume, HL 57.9% shareTL;DR of A1's data-driven CLOB landscape: CLOBs dominate perps but lag in spot, Hyperliquid leads with falling fee revenue, competitors use zero-fee and PFOF models, and the market likely consolidates to 3-5 platforms.DataPerpsMarket structureDeFi

28 Sep 2025Ten CLOB DEX plays to research beyond HyperliquidWatchlist of ten onchain CLOB venues worth researching besides Hyperliquid: Bullet, Paradex, Monaco, Lighter, Hibachi, GTE, Valhalla, Decibel, Nitro and Ambient. Explicitly excludes Aster and Apex as CEX-linked.MapPerpsHyperliquid

25 Sep 2025Hyperliquid over Aster, plus the CLOB challengers worth studyingArgues Aster lacks tech, UX and real users and is a paid-KOL trade, and that CEXes and VCs are fudding HYPE to rotate back cheaply. Lists credible CLOB challengers including Bullet, Paradex, Monaco and Lighter.Market takeHyperliquidPerps

21 Jul 202520 pre-TGE projects without Kaito leaderboards: ZK, privacy, AI and CLOB infraA watchlist of 20 pre-TGE projects without a Kaito leaderboard, grouped implicitly across Bitcoin ZK rollups, proof verification, AI infra, CLOBs, privacy (MPC, FHE), stablecoin infra and oracles.MapZKPrivacyAI

06 Jul 2025CLOB wars: why onchain orderbooks are replacing AMMs and who builds themAMMs were a forced tradeoff until real-time chains, scalable DA, ZK proving and fast oracles made orderbooks viable. Maps CLOB appchains (Hyperliquid, Bullet, Lighter, Paradex, Hibachi) and onchain CLOBs (GTE, Nitro, Monaco, Fuel, Aptos).MapPerpsDeFiHyperliquid

18 Jun 2025The Ultimate ZK Infrastructure Landscape: 64 projects across 8 verticalsMaps 64 ZK projects across zkVMs, universal proving, verification and aggregation, zkEVMs, app-specific rollups, hardware acceleration, ZK privacy and zkTLS.MapZKL1/L2Privacy

16 Jun 2025CLOB Wars Line-Up 2.0: 26 onchain orderbook projects mappedUpdated community-sourced landscape of CLOB venues across L1s and L2s, each with its architecture, from Hyperliquid's HyperCore to Monad, Sui, Aptos, Cosmos and Solana projects.MapPerpsDeFiL1/L2

08 Jun 2025Onchain CLOB design trade-offs and the race to be the decentralized NasdaqLists nine design axes for onchain CLOBs, from privacy vs transparency and speedbumps to L1 finality vs L2 latency and retail vs institutional design, and names the main contenders led by Hyperliquid.ThesisPerpsDeFiHyperliquid

Often covered with

Hyperliquid113 Paradex26 Bullet33 Monaco18 Aster7 Hibachi8 A1 Research39 edgeX7

Working together

Research, advisory and builds for deep-tech teams.

View CV A1 Research