Bitwise Asset Management has launched an exchange-traded product in Europe tracking Lighter, providing traditional investors exposure to one of Hyperliquid's rising rivals without requiring direct token ownership.
The Bitwise Lighter Staking ETP (BLIT) began trading on Deutsche Börse Xetra on Wednesday, making it the first listed product to track 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 purchase the ETP through a standard brokerage account.
Despite its name, the product does not currently generate staking rewards. Bitwise said staking will commence once the ETP accumulates sufficient assets under management to make the process cost-effective. Until then, it will track LIT's price alone.
The Lighter listing extends Bitwise's push into tokens tied to major decentralized derivatives platforms. The firm launched a Hyperliquid staking ETP in Europe in April.
Lighter operates as an Ethereum-based decentralized exchange specializing in perpetual futures, using zero-knowledge proofs to verify trades while allowing users to retain custody of their assets. The platform charges no trading fees for retail users, part of a strategy to compete against larger incumbents.
Lighter recorded nearly $1.8 billion in trading volume over a 24-hour period, according to CoinGecko data. In July, it gained a significant distribution channel when Robinhood integrated the exchange into Robinhood Chain, its Ethereum layer-2 network. Eligible Robinhood Wallet users can trade perpetual futures through Lighter, with settlement occurring via Lighter smart contracts on Robinhood Chain.
Hyperliquid remains the dominant player. The platform controls more than 61% of decentralized perpetual futures trading, according to data cited by The Motley Fool. Unlike Lighter, which runs as an Ethereum layer-2, Hyperliquid operates on its own standalone layer-1 blockchain.
In May, Circle announced a partnership with Hyperliquid to expand USDC usage, including deeper liquidity and streamlined cross-chain transfers. At the time, approximately $5 billion in USDC was held on Hyperliquid, according to Coinbase.
