The field of Crypto Assets derivatives trading is experiencing intense competition. Recently, the rise of emerging trading platforms Lighter and edgeX has had a significant impact on Hyperliquid. Data shows that in the last 24 hours, the volume on the Lighter platform has exceeded half of that of Hyperliquid, and this astonishing rise has garnered widespread attention in the industry. Meanwhile, edgeX is also rapidly developing and gradually expanding its market share.

It is worth noting that Lighter and edgeX both operate on a non-token model, and this innovative business model seems to be attracting more and more traders. Unlike traditional platforms, these emerging platforms do not issue their own platform tokens, which may provide users with a simpler and more direct trading experience.

As market competition intensifies, the industry generally believes that Hyperliquid may need to adjust its strategy to meet challenges. However, the final outcome of this competition remains fraught with uncertainty. Particularly after the token generation events (TGE) that Lighter and edgeX may conduct, the market landscape could undergo further changes. Closely following the developments of these platforms will undoubtedly become a focal point for Crypto Assets investors and analysts.

This series of changes not only reflects the high dynamism of the Crypto Assets trading market but also highlights the users' demand for more efficient and flexible trading platforms. With the intensification of competition, we can expect to see more innovations and improvements, which will ultimately benefit the healthy development of the entire Crypto Assets ecosystem.