#代币化资产 Looking at the valuation forecasts for Lighter's recent funding round, the baseline of $3-4.2 billion is indeed interesting. The key is not the valuation itself, but the narrative logic behind it—tokenized asset trading is the real catalyst.

This reminds me of an old issue in copy trading strategies: how to position oneself early before the infrastructure is fully developed. Hyperliquid and Lighter both seem to be operating at the trading layer, but the former is a retail traffic business, while the latter is competing in professional-grade infrastructure—this determines their ceiling is completely different.

From a practical perspective, I’m not concerned whether the valuation is $1.5 billion or $12.5 billion, but rather the timing window for RWA (Real-World Asset) implementation. Once on-chain trading of real assets becomes a necessity, the value of decentralized trading infrastructure will be exponentially released. Traders in this infrastructure track often have a common trait: high volatility and concentrated risk in the early stages, but once the track is established, it tends to move in a single direction.

In terms of position management, I prefer to keep the risk exposure of infrastructure projects like Lighter within 15-20% of the total exposure, then moderately increase positions when RWA policies become clearer. The large price difference between $3.4 pre-market and $90 off-market points indicates the market is still digesting expectations. At this stage, following the rhythm of excellent traders is more important than blindly chasing highs.

Practical experience proves that not all valuations can be realized, but those who keep pace with the track’s rhythm often manage to seize these variables.