Lighter’s LIT token has climbed more than 20% to around $3.90 as attention has returned to its Robinhood Wallet partnership and Delphi Digital’s assessment of the exchange.
Summary
- Robinhood announced the wallet integration in July, months before the latest token rally.
- 11 million LIT tokens were allocated to a rewards program for eligible traders.
- Delphi included Lighter in its research on businesses earning revenue from speculative trading.
- U.S. residents remain excluded from Lighter perpetual futures offered through Robinhood Wallet.
CoinGecko showed LIT at $3.88, up 21.3% over 24 hours, with token trading volume of roughly $125.5 million. Its price page listed a daily range of $3.21 to $3.97 and a market capitalization near $974.4 million.
Against other major cryptocurrencies, the main panel showed LIT gaining 18.3% in Bitcoin terms and 17.6% against Ether. CoinGecko listed a circulating supply of 250 million tokens against a maximum supply of 1 billion.
Lighter’s Robinhood integration dates to July
Robinhood announced access to Lighter perpetual futures inside its self-custody wallet on July 1. The company limited the service to eligible users in selected jurisdictions when it introduced the product.
The integration arrived alongside the Robinhood Chain mainnet launch, an Ethereum layer-2 network built using Arbitrum technology. Robinhood presented the rollout at its London event, as crypto.news previously reported.
Robinhood’s announcement allocated 11 million LIT tokens to its community through a points program. Eligible participants earn twice the points for perpetual futures trades through Robinhood Wallet compared with trades through Lighter’s web application, with points converting into tokens subject to the exchange’s terms.
A July 17 account of the Robinhood Wallet perpetuals partnership described USDG as both the collateral and the currency in which contracts are priced. It put the revenue split between Robinhood and Lighter at 50/50.
The same account traced the companies’ financial relationship to November 2025, when Robinhood Ventures participated in Lighter’s $68 million funding round at a valuation of roughly $1.5 billion. Robinhood CEO Vlad Tenev serves as an adviser to the exchange, according to that account.
Delphi places Lighter in its trading-platform thesis
Delphi Digital discussed Lighter in an Oct. 20 report examining speculative trading businesses and the platforms that earn revenue from them. The research placed the exchange alongside Hyperliquid in its discussion of perpetual futures venues.
Using DefiLlama figures dated Oct. 6, the report listed approximately $56 billion in Lighter trading volume over 30 days. Comparable figures in the research were $203 billion for Hyperliquid, $66 billion for Variational and $60 billion for Aster.
Delphi cautioned that some activity across the category comes from traders farming incentives. Its chart noted that Lighter’s figure appeared to include the Robinhood Chain integration.
The researchers described Lighter as an order-book exchange using zero-knowledge proofs to verify matching, with ordinary accounts trading without fees. Their account listed stocks, commodities, and foreign exchange alongside cryptocurrencies among the venue’s markets.
With retail trading free, Delphi tied the business’s revenue opportunities to premium accounts and distribution agreements. The report described the Robinhood arrangement as a revenue-sharing deal operating outside the United States since July.
Robinhood’s disclosures exclude U.S. residents
Robinhood’s product disclosures say Lighter perpetual futures are unavailable to residents of the United States, United Kingdom, Canada, Switzerland, United Arab Emirates and Singapore, alongside other restricted jurisdictions.
The company states that users execute transactions directly through their self-custody wallets and Lighter’s smart contracts. Robinhood Non-Custodial supplies wallet-management services for that interaction, according to the disclosures.
The July launch account separately described Robinhood’s Stock Tokens as debt securities providing economic exposure to underlying equities. Holders do not receive ownership of the underlying shares or voting rights, according to the company’s explanation.
Robinhood said eligible users could trade those tokens around the clock and use them across decentralized applications, including lending services and collateral arrangements.
Lighter’s latest developer release remains a devnet
Away from the wallet partnership, Axiom announced a public Lighter EVM development network on Oct. 16. The release connects an Ethereum-compatible environment with Lighter Core, its order-matching and risk engine.
Axiom said smart contracts can read account balances, positions, orders, and market information through the connection. Contracts can submit, change, and cancel trading orders through asynchronous instructions that execute in seconds.
The Oct. 16 account of the Lighter EVM devnet release described one-second blocks, ETH gas payments, and support for Ethereum development tools including Foundry, Hardhat, Viem, and Ethers.
The launch post said developers could deposit assets from the devnet settlement layer, transfer them between Core and EVM, and withdraw to that settlement layer.
Lighter’s developer documentation identified limits in the test environment, including mocked proofs for settlement finalization and an asset-recovery mechanism that was not fully functional. Requests to read Core data worked only at the latest block, with historical reads planned for a later update.
Axiom said developers were being admitted in groups and could review public documentation and bridge-contract code while applying for access. The team planned to open the network to all developers in the following weeks.
