I only had time today, so I took a look at the Lighter product, official documentation, and research materials Previously launched, I never had time to do this job I found something interesting about Lighter's product today Discovering that attracting retail investors through 0 fees can slow down professional users by 200-300ms I didn't work on this project before either I didn't notice this style of play before In fact, this is to help the market makers better harvest individual investors who are not aware of it Playing chicken thief At least in the short term, it has pushed up the number of retail investors Another piece of data is When airdropped on the 30th, the volume was 4b Now it's 5.8b The volume did not decrease after the airdrop, it may be because everyone wants to play the second season It also indicates that there is still some real trading volume Additionally, in terms of transaction fees, Hyperliquid costs 750m per year Lighter is 90m per year The market value of the two is roughly the same ratio. But Hyperliquid is the leader and should have a premium By comparison, the real trading volume of hyperliquid is all declining The trading volume of Lighter actually needs to be further examined, as the data from these past few days cannot fully demonstrate its growth The volume of hyperliquid is lower than the open interest But the volume of the lighter is close to four times that of OI Overall, I still feel that there is a significant amount of brushing volume. Too unreal