BitWise Asset Management has launched Lighter Tracking, an exchange-traded product (ETP) in Europe, giving traditional investors a way to bet on one of HyperLiquid’s emerging rivals without having to buy tokens outright.
Wednesday, Bitwise said Its BitWise Lighter Staking ETP (BLIT) launched on Deutsche Börse Zetra, making it the first exchange-traded product tracking LIT, the native token of decentralized derivatives platform Lighter.
The product is fully backed by LIT held in cold storage and carries a 0.85% annual expense ratio. European investors can buy ETPs through a regular brokerage account without buying or holding LIT directly.
Despite its name, BLIT is not yet generating staking rewards. Bitwise said staking will begin once the product reaches enough assets under management to make the process efficient. Until then, the ETP will track the price of LIT without generating staking returns.
The lighter product follows Bitwise’s launch of a hyperliquid staking ETP in Europe in April, as the asset manager expands its lineup to include tokens linked to some of the largest decentralized derivatives platforms.
Lighter is an Ethereum-based decentralized exchange focused on perpetual futures, using zero-knowledge proof to verify trades allowing users to maintain control of their assets instead of depositing them in a centralized exchange. The platform also offers zero-fee trading for retail users, part of an effort to compete with established decentralized derivatives platforms like HyperLiquid.
According to CoinGecko, the lighter has recorded nearly $1.8 billion in trading volume in the past 24 hours Information.
Related: Bitcoin Will Get ‘Lift’ From Hyperliquid, Robinhood In Next Crypto Bull Market: BitWise Exec
Lighter Perp takes the market leader
Lighter gained a major distribution channel in July when it integrated the Robinhood exchange into the Robinhood chain, its Ethereum layer-2 network. Eligible Robinhood Wallet users can trade perpetual futures through Lighter, with trades settled using Lighter smart contracts on the Robinhood chain.
HyperLiquid remains a much larger player. Unlike Liter, which acts as an Ethereum layer-2, HyperLiquid runs on its own layer-1 blockchain. According to data, it controlled more than 61% of decentralized perpetual futures trading quoted by The Motley Fool, and continues to expand through its own partnerships.
In May, circle announcement An agreement to expand the use of USDC in HyperLiquid, including deeper liquidity and easier transfer of stablecoins across blockchains. At the time, approximately $5 billion USDC was held in HyperLiquid, According to In Coinbase.
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