Lighter

Minara re-ran 85 trading strategies under Lighter's 0.005% flat fee versus HyperLiquid's 0.015% maker/0.045% taker fees, with profitability rising from 31.2% to 43.8%. The 89% fee reduction flipped 10 strategies from losses to profits, concentrated in the 100-499 trade bucket where gross per-trade edge exists but fee drag previously eliminated it—an ETH strategy with 716 trades moved from -17.2% to +10.2% PnL, while a profitable BTC strategy gained 119 annualized percentage points of return on identical trades.

Flip argues $LIT is undervalued despite volumes down 90% from ATH, as the team ships features and grows distribution via partner programs. Key upside catalysts include pricing power from Telegram Wallet integration (45K new users since mid-April), Insilico partnership routing $175M on day one at lower fees than competitors, and potential CFTC licensing for spot commodity markets. Assuming flat volumes, rising take rates from 0.5bps to 0.8bps alone drive 50% revenue growth, while programmatic buybacks have already accumulated 5%+ circulating supply at 12% annualized yield.