Lighter released its complete codebase and circuits architecture ahead of an imminent token generation event (TGE) and airdrop for LIT; the airdrop delegation form closed this morning. Polymarket odds favor a Dec. 29 launch and market-implied post-TGE valuations sit around $2–3B (with markets reverting to NO if no launch by Dec. 31). Lighter led perpetual DEX trading volume over the past 30 days with $222B, ahead of Aster ($185B) and Hyperliquid ($170B), though Lighter’s open interest ($1.53B) trails Hyperliquid ($7.3B) and Aster ($2.4B). The article highlights Lighter’s emphasis on transparency in circuits that affect every order, cancel and liquidation; Hyperliquid’s pre-market prices LIT at a $3.3B valuation with $11M 24h volume.

Publishing the full codebase and circuits plus an imminent TGE/airdrop (delegation form closed) are concrete, positive signals; market betting (Polymarket) and implied $2–3B valuation and $3.3B pre-market price are bullish. Offsetting factors: Lighter’s open interest is materially lower than competitors. These facts justify a moderately bullish sentiment and a moderate short-term trading impact.