Why Lighter’s Potential Outshines Hyperliquid and Aster When comparing competing PerpDEXs, two factors matter most: - Technical solution - Market size Without a clear understanding of the technical solution, it’s impossible to accurately assess a project’s market size. Looking at the three largest PerpDEXs today, the gap is striking: 1. Lighter: $90B 2. Aster: $8B 3.Hyperliquid: $2B Lighter’s addressable market is 44x larger than Hyperliquid’s and 11x larger than Aster’s. This difference is critical. _______________ Hyperliquid: Hitting a Ceiling Hyperliquid has already reached ~$2B TVL. To grow 40–50x from here would take many years. So far, only Ethereum itself has achieved this kind of scale, and it outpaces all competing L1s by a wide margin. Hyperliquid also faces the risk of isolation: if you remove Hyperliquid, the Hyper EVM ecosystem essentially disappears. Aster: Reliant on Binance Aster operates in the BNB Chain ecosystem, which has an $8B TVL. Furthermore, they...
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