Since the token launch, Lighter has seen heightened market focus on price action, prompting the team to track TVL, volume, open interest, and revenue while pursuing a 1000x YoY growth trajectory and aligning token holder incentives through staking and buy-backs.
Hyperliquid's native token HYPE is used for fee discounts, validator security, and as a governance lever. Staking directly reduces trading fees, while also securing the network and incentivising honest oracle updates. The upcoming HIPP3 framework will enable permission-less perpetual markets that rely on staking for market-making rights.
Hyperliquid's protocol is permissionless, allowing anyone to launch a perpetual market after staking. Builders gain market-making rights through a bidding process, while core markets remain curated for stability. This hybrid model balances openness with quality control.