The post A sleeper in the perps category appeared on BitcoinEthereumNews.com.

This is a segment from the 0xResearch newsletter. To read full editions, subscribe. The headline in crypto today is Lighter’s LIT token finally going live, marking a key moment in the ongoing battle for perps market share. In today’s coverage, we break down one of the most overlooked beneficiaries of perps growth (Pendle via Boros), and take a closer look at the evolving dynamics within the Solana liquid-staking landscape. Indices Markets kicked off the final week of the year on a softer note. Bitcoin (-0.81%) underperformed its US equity benchmarks, with the Nasdaq (-0.59%) and S&P 500 (-0.39%) posting modest pullbacks after tech stocks drove the S&P 500 to all-time highs last week. Meanwhile, Gold (-4.04%) and other precious metals saw a sharp selloff amid profit-taking, after having been standout performers in the past few weeks. Back on the crypto front, Perps (+1.3%) was the only index to finish the day in the green, with HYPE leading gains ahead of Lighter’s TGE today. Competition for perps market share has heated up in recent months. Lighter has shown that verifiable execution and zero retail fees can drive market-leading volume, leading perps trading with just over $200 billion in volume over the past 30 days, followed by Aster ($172 billion) and Hyperliquid ($161 billion). That said, Hyperliquid remains the only one of the three operating without active incentives and is the clear revenue leader, generating ~$47 million over the same period. The real test will be whether Lighter can hold its volume lead after TGE, especially with many attributing its recent surge to points farming. In an announcement thread last night, the team outlined the token structure and airdrop details, noting that “the value created by all Lighter products and services will fully accrue to LIT holders” and that the labs entity…

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Filed under: News - @ December 30, 2025 6:28 pm