Mainstream perpetual decentralized exchanges (Perp DEXs) experienced a notable decline in liquidity on Christmas Day, according to data from DefiLlama. Lighter, a prominent player in the space, recorded a trading volume of $5.04 billion, with a total value locked (TVL) of $1.41 billion and open interest at $1.55 billion. Hyperliquid followed closely with $3.5 billion in trading volume and $7.26 billion in open interest. Lighter is approaching a significant milestone with its mainnet launch scheduled for December 31. The platform's current activity may represent the final phase of its token distribution before going live. If Lighter completes its token launch this week, it could maintain its leading position in trading volume among Perp DEXs.