Published Dec 28, 2025, 2:50 PM ET · Updated a year ago · 1 source

Lighter's Valuation Potential Post-TGE

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Original Report

Lighter, a decentralized perpetual exchange, could be undervalued if its fully diluted valuation (FDV) dips post-TGE, especially when compared to Hyperliquid's revenue and valuation multiples. A 'floor' valuation is estimated around $1.5B based on recent VC rounds, while a 'fair value' ceiling could be $5B-$7B, representing approximately 20% of Hyperliquid's FDV.