The market for decentralized perpetual DEXes is changing again. Hyperliquid is back in first place, while the weekly trading volume of Lighter has nearly fallen to a third of its peak.
At the same time, the price of the LIT token from Lighter has fallen to a record low on Monday. Reasons for this include the weakness of the overall market and the sell-off by airdrop holders.
Hyperliquid is once again leading among the perpetual DEXes.
Hyperliquid is now again leading among the perpetual DEXes. Data from CryptoRank shows that Hyperliquid reached a trading volume of about 40.7 billion USD in the past week. Aster is in second place with 31.7 billion USD, while Lighter has fallen to third place with 25.3 billion USD.
“Since the Lighter airdrop was distributed, volumes on the platform have decreased – the weekly trading volume is almost three times lower than at its peak,” noted CryptoRank.
This change is also reflected in the open interest over the last 24 hours. Open interest is a term from the derivatives market. It refers to the total number of all open derivative contracts such as futures or options that have not yet been settled, closed, or expired.
Hyperliquid leads with around $9.57 billion in open interest, surpassing the total open interest of all other major DEXes. These DEXes include Aster, Lighter, Variational, edgeX, and Paradex, which together hold $7.34 billion. Lighter alone has only $1.42 billion and Aster has $2.73 billion.
The post adds that Variational has also become an important competitor and currently has a daily volume of $1 billion. This makes Variational one of the top five perpetual DEXes.
Lighter (LIT) token falls to a new all-time low
After the airdrop, there were declines not only in trading volume but also the price of the LIT token suffered. Since its launch, the altcoin has been very volatile. An analyst estimates that about 40 percent of the airdrop was sold in the first week.
“Airdrop holders are leaving the platform. In a short time, the share of tokens held by the original recipients has dropped from 51 percent to 36 percent (and I am sure this value is even lower now)… FUD comes and goes, even Hyperliquid has struggled with it for months. Always look at the internal metrics; they are not that bad,” the post stated.
Data from BeInCrypto Markets shows that the token lost 37 percent of its value in the last month. Today, LIT fell to $1.68 on OKX, reaching a new all-time low.
At the time of this article, the price of the altcoin was $1.71. This corresponds to a decline of more than 14 percent within a day.
The current problems of Lighter are occurring in an overall weak market. The total market capitalization dropped by 2.6 percent on the last day. Additionally, another perpetual DEX token, the native Aster token, fell over 12 percent to a record low – even though the Stage 5 Buyback Program has just been launched.
