Whales continuously sweep LIT: Why is the new Perp DEX so attractive to big players?

On January 6th, a whale address sold 52.1 WBTC (worth $4.86 million) and immediately deposited $3.36 million USDC into the Lighter platform to buy 1.119 million LIT at a price of $3.00. This is not an isolated event—just one day earlier, a new address spent $2.89 million to purchase 991,000 LIT on Lighter. Why does Lighter, only 7 days since launch, frequently see large buy-ins? This reflects the changing competitive landscape of the emerging Perp DEX market.

Whale Behavior Analysis

The logic behind this transaction is quite clear: the whale first sells Bitcoin to obtain stablecoins, then makes a large position in LIT on Lighter. Based on the timing and amounts, this appears to be a planned operation.

According to on-chain data, the whale’s transaction path is:

• Sell 52.1 WBTC for $4.86 million
• Deposit $3.36 million USDC into Lighter
• Buy 1.119 million LIT at $3.00

Notably, this price is close to LIT’s current price of $3.05, indicating the whale’s timing was well-chosen.

Rapid Rise in LIT Market Activity

As a newly launched Perp DEX, Lighter is attracting significant capital attention. Recent data shows LIT has climbed to the 75th spot in market cap, with a circulating market cap of $762.84 million and over $3 billion in 24-hour trading volume.

More importantly, large buy events are occurring frequently. In just the past two days, there have been two major transactions:

Both transactions share common features: large amounts, close timing, and originating from new or low-activity addresses. This suggests organized accumulation by institutions or large investors.

Lighter’s Position in the Perp DEX Market

According to the latest market data, Lighter has become a third-tier force among mainstream Perp DEXs. Compared to Hyperliquid and Aster:

Trading volume and market share

• Lighter: approximately $3.39 billion in 24-hour trading volume, TVL around $1.26 billion
• Hyperliquid: approximately $3.48 billion in 24-hour trading volume, TVL about $4.23 billion
• Aster: approximately $3.88 billion in 24-hour trading volume, TVL around $1.25 billion

All three platforms have trading volumes close to $3 billion, but their circulating market caps vary greatly. Lighter, as a newly launched platform, reaching this level quickly indicates strong product competitiveness recognized by the market.

The Logic Behind Whale Buying

Why are whales making large purchases of LIT at this time? Several possible reasons:

Attractive Valuation

Compared to more mature platforms like Hyperliquid, LIT’s valuation remains relatively low. Industry views suggest that Lighter is still in an experimental and subsidy-driven phase, and given its trading volume, its valuation space is relatively ample.

Market Expectations

Lighter completed a $675 million token airdrop, making it the tenth-largest airdrop in crypto history. This large-scale community incentive is expected to rapidly grow the user base, and platform liquidity and activity are likely to continue increasing.

Market Opportunity in Competition

The Perp DEX market is evolving from Hyperliquid’s dominance to a “three-strong” pattern. At this stage, new platforms that maintain stable operations and innovate still have opportunities to gain market share and valuation premiums.

Risks to Watch

However, it’s important to note that Lighter has only been live for 7 days and is still in early stages. Rapid user growth and capital inflows may also carry risks such as:

• User retention driven by subsidies remains to be validated
• The platform’s risk control system has not been fully tested under extreme market conditions
• Competitive pressure from more established platforms will gradually emerge

Summary

The frequent buying of LIT by whales reflects market optimism toward emerging Perp DEXs and highlights the rapid capital flow seeking opportunities in crypto markets. Lighter, with its strong product competitiveness and a solid community foundation, has quickly attracted significant attention. However, investors should recognize that new platforms still need time to prove their long-term sustainability. Future focus should be on Lighter’s user retention, trading depth, and performance during market volatility.