Quarterly Altcoin Spotlight: Lighter — Cycle-Low Perps DEX Trying to Anchor Ethereum's Derivatives Lane

Lighter is a six-month-old perps DEX trading at a cycle-low $0.88, with a 14% buyback yield, no team unlocks until 2027, and Hyperliquid doing 10x its volume. Cheap and behind at the same time. Here’s what’s happening in plain English: