Lighter is about to be repriced. I estimate that Robinhood is likely setting up a segmented strategy in the perpetual contracts market: On the app and existing compliant markets, they’ll push the Bitstamp solution, while targeting Wallet and non-U.S. users with Lighter. The previous market expectation that Robinhood would bring massive order flow to Lighter seems to have fallen through. As for the future market, the fundamentals are still there for now, but the upside potential has been suppressed. Without the Robinhood connection, Lighter’s competitiveness against Hyperliquid has dropped significantly. I expect ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 will enter a revaluation phase in the near term, but it’s still a solid asset. There might even be opportunities to grab some low-priced chips.