In December, Lighter was leading all perpetual DEXs in 30-day trading volume. Today, it has slipped to 4th place, now behind Hyperliquid, Aster, and EdgeX. Note: TGE has taken place in December, and the pre-TGE points program has ended.

Since the start of 2026, and especially following the end of the pre-TGE points program, Lighter has experienced significant USD outflows.

Open interest has taken a noticeable hit over the past few weeks too. With market conditions getting tougher and volatility cooling off, traders are pulling back.

Daily new wallets have dropped noticeably since TGE. So far in February, the average sits at just 8.1 new wallets per day.

After peaking in November and early December, revenue fell off sharply. Throughout Jan and Feb 2026, daily fees have remained significantly lower, likely reflecting both weaker market conditions and reduced trading activity.

$LIT is now trading at $1.56, marking a 43% decline from its January 1st price of $2.72.