Hyperliquid Reclaims Perp DEX Crown as Lighter’s Volume and Token Price Slide

The perpetual decentralized change market is present process one other reshuffle. Hyperliquid has reclaimed the highest spot, whereas Lighter’s weekly perpetual buying and selling quantity has dropped almost threefold from its peak.

At the identical time, Lighter’s LIT token fell to a file low on Monday, weighed down by broader market weak point and an exodus of airdrop holders.

Hyperliquid Reclaims Perpetual DEX Dominance

Hyperliquid has returned to the lead among perpetual DEXs. CryptoRank information confirmed Hyperliquid recording about $40.7 billion in buying and selling quantity final week. Aster got here in second with $31.7 billion, whereas Lighter fell to the third place at $25.3 billion.

“As Lighter’s airdrop is distributed, the platform’s volumes have began to fade – weekly quantity has decreased almost 3x from its peak,” CryptoRank famous.

The shift can also be clear in 24-hour open curiosity. Open curiosity is a derivatives market metric that represents the overall variety of excellent by-product contracts (such as futures or choices) that stay open and haven’t been settled, closed, or expired.

Hyperliquid leads with roughly $9.57 billion in open curiosity, surpassing the mixed open curiosity of all main DEX platforms. Others on this group, Aster, Lighter, Variational, edgeX, and Paradex, collectively maintain $7.34 billion, with Lighter particularly at simply $1.42 billion and Aster at $2.73 billion.

The submit added that Variational has additionally grow to be a notable competitor, presently posting $1 billion in day by day quantity and inserting within the prime 5 perpetual DEXs.

Lighter (LIT) Token Plunges to All-Time Low

The post-airdrop slowdown has weighed not solely on quantity but in addition on the LIT token’s value. Since its launch, the altcoin has skilled substantial volatility. An analyst famous that roughly 40% of the airdrop was sold throughout the first week.

“Airdrop holders are leaving. In a really quick time, the share of tokens held by unique recipients dropped from 51% to 36% (and I’m certain in the mean time you’re studying this, it’s even decrease)…FUD comes and goes, and even Hyperliquid has gone by way of months of it. Always take a look at the inner metrics; they don’t look that unhealthy.” the post added.

BeInCrypto Markets information confirmed that the token has lost 37% of its value prior to now month. Today, LIT plunged to $1.68 on OKX, marking a brand new all-time low.

At the time of writing, the altcoin was buying and selling at $1.71, representing a lower of over 14% prior to now day alone.

Lighter’s newest struggles come amid a broader market downtrend. The complete market cap fell by 2.6% prior to now day. Furthermore, one other perp DEX token, Aster, the native Aster token, tumbled over 12% to a record low, even after launching its Stage 5 Buyback Program.

The submit Hyperliquid Reclaims Perp DEX Crown as Lighter’s Volume and Token Price Slide appeared first on BeInCrypto.