From the perspective of the public chain ecosystem's perpetual DEX track, $LIT faces an opportunity for a revaluation. Comparing with $ASTER and $HYPE, which have already completed TGE, all three's trading volume, active holdings, and fee flows can be directly verified, with transparent data and no water-padding. Under these circumstances, either LIT's valuation is adjusted upward, or the other two projects face pressure and pull back—there is no third option. It's somewhat like the difference between internet securities companies and traditional brokerages in 2015; new players have lower FDV, but ultimately they will revert to a reasonable industry valuation level, followed by small fluctuations in individual stock fundamentals. The market will eventually provide the answer.