Lighter (LIT), an Ethereum-based decentralized futures exchange, has climbed to the fourth position in the decentralized exchange (DEX) sector, surpassing Pump.fun and Jupiter in valuation. The project, which operates on Ethereum Layer 2, recently raised $68 million, achieving a valuation of $1.5 billion, and has been listed on Coinbase. Despite strong whale activity and increasing trading volumes, Lighter faces challenges with declining revenue and unclear tokenomics. The DEX sector continues to be led by Hyperliquid, Aster, and Uniswap, with Lighter aiming to close the gap.