According to Perpetual Pulse data, the derivatives protocol Lighter's trading volume in the past 24 hours is nearly $4.00 billion, second only to Hyperliquid (approximately $5.30 billion). However, Lighter's open interest is $230.00 million, and the platform's assets are $184.00 million. The surge in trading volume may be related to Lighter's zero fees and airdrop interactions. [Wu Shuo]