#ETF与衍生品 Seeing the discussions about Lighter and Hyperliquid, I want to share some honest thoughts from the perspective of position management and risk.

The technical architecture and business logic of these two platforms are indeed quite different, but for most prudent investors, a more important question is: **Don’t be blinded by the innovative stories of new platforms**.

Lighter focuses on zero fees, privacy protection, and institutional-grade experience, which are indeed attractive. But what’s behind the TGE at the end of the year? The unlocking cycles of a large number of VCs and the anticipated decline in airdrop incentives. History has shown us that such platforms see astonishing trading volumes during the incentive phase, but once subsidies decrease, liquidity often deteriorates sharply.

My advice is straightforward:

**First, don’t go all-in on the new narrative**. Even if Lighter’s technology truly surpasses existing solutions, leave yourself some room. You can pay attention, but your allocation should be restrained.

**Second, pay attention to slippage risk**. Zero fees sound great, but during periods of unstable liquidity, slippage costs can actually be higher. This is not虚的—it's real money.

**Third, observe the authenticity of trading volume**. Data during the incentive period can be easily distorted. Wait until the TGE dust settles and incentives end, then see if organic trading volume can be maintained. That’s the true reflection of the platform’s long-term vitality.

Intense competition in the derivatives market is a good thing, but your money shouldn’t be hijacked by the stories of competition. Safety first, a long-term mindset second, and quick gains should always come last.