The U.S. finally has perps, but only for centralized exchanges. That may feel like just half a step, but it buys us time to work out which onchain platforms are best positioned to capture an entirely new asset class as it lands on Wall Street.

Hyperliquid’s the obvious one, and by no means a bad play. But the first onchain protocol to break ground in the U.S. probably won’t be one operated out of Asia. To me, it has to come from inside the country…

…which brings us to Lighter.

Will Price, a DeFi investor and Lighter advisor, and Flip, who covers perps at Delphi Digital, came on Bankless to make the case: LIT, Lighter’s token, is underpriced for what the team has built and how cleanly it lines up with where Wall Street…