Oh my God, the recent buzz in the crypto world about Lighter's year-end TGE has completely confused me. I had only heard of Hyperliquid before, and now there's another one called Lighter. Both claim to be the future of perpetual contract DEXs. Who's actually stronger?

After looking through some information, I realized their logic is completely different. Lighter's main selling point is zero fees. I did some calculations, and if I trade with a few thousand dollars, Lighter's costs are indeed much lower than Hyperliquid. This is a huge boon for retail investors! Also, Lighter chooses to be an Ethereum L2 rather than building a separate chain, which seems to offer better security. I heard that users can use assets on the mainnet (like stETH) directly as collateral, earning yields while trading—sounds pretty impressive.

But some people question whether the absence of fees is actually "buying time with money." Retail traders might experience a 300-millisecond delay, while large traders have to pay to enjoy zero latency. It feels a bit complicated... Plus, after the year-end TGE and airdrops end, will they fall into the same trap of "mining, selling, and dumping"?

Would love to hear everyone's thoughts—can Lighter really threaten Hyperliquid, or am I overthinking this?