@liushaoshao
Lighter's points-to-token conversion (via LIT airdrop) rewards organic trading volume and strategies, with no explicit strict trading depth requirements. This highly attracts high-frequency users: zero fees, sub-150ms latency (0ms for makers in premium accounts), and points scaling with activity encourage aggressive HFT farming.
However, shallower liquidity depth compared to Hyperliquid increases slippage risks for large/high-frequency orders. Other risks include Sybil/wash-trading detection bans, smart contract vulnerabilities, post-TGE token dumps (recent $675M airdrop sparked volatility), and regulatory scrutiny on leveraged perps.
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