@qianbochao
Lighter's EA-phase gamification (points, levels, incentives) and UX enhancements (CEX-like interface, zero fees, fast execution) could improve user retention and organic engagement, fostering sustainable trading volume in the competitive perp DEX market. However, revenue trends are negative: post-LIT airdrop (Dec 2025), volumes and fees plunged ~90% amid farmer exodus, with activity slowing into 2026.
For legacy $PERP (separate protocol), impact is negligible—revenue near zero. Long-term recovery potential for perp investments tied to Lighter: moderate, if UX/gamification shifts from farming to genuine adoption; otherwise limited amid sector competition.
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