Lighter has emerged as the leading decentralized perpetual trading platform on Ethereum, surpassing $400 million in total value locked (TVL). This milestone makes it the top application chain and the sixth-largest Layer-2 exchange on Ethereum. The platform's rapid growth is attributed to its zero token issuance costs, Ethereum-level security, and infinite scalability, as highlighted by Bankless founder Ryan Adams. Analyst Eugene Bulltime reported that Lighter's TVL increased by $150 million, reaching over $400 million, with a yield of 56%. This yield is significantly higher than Hyperliquid's 7%, attracting substantial capital back to Ethereum and solidifying Lighter's position in the market.