Lighter is still building in the background. The protocol has shifted from chasing volume directly to letting other companies route their users through its order book. Market makers want to trade against retail flow, so when partners route it onto Lighter they follow it in and bring real depth with them. The bigger systematic traders need that depth to size into the book. Telegram Wallet has brought roughly 45K new users onto Lighter since mid-April. Insilico did over $175M in volume on its first day routing through Lighter. Lighter takes no base builder fee, so users only pay Insilico's own 1bp instead of the 5.5bps the same trade would cost through Hyperliquid's builder codes. Time will tell if this pays off for Lighter.(Delphi Digital)