Nearly 30% of daily volume on Hyperliquid now comes from RWA trading (past 60d average) with a new daily high of 49% the other day. Lighter has also been pushing their RWA perps heavily with trading competitions, funding rate rebates and more but is currently sitting at ~8% of daily average volume in the same period. HYPE appears to benefit significantly as its metrics become less dependant on broad crypto activity. A key catalyst for LIT here therefore seems to be Lighter being able to show undeniable demand for their RWA perps.(Thor)