The Depository Trust & Clearing Corporation has integrated $6 trillion in DTC-custodied Treasuries onto the Canton Network, establishing a blockchain rail for tokenized settlement of traditional financial instruments.
Canton currently handles $350 billion in daily U.S. Treasury activity. Broadridge is actively utilizing Canton for its RWA operations, with the network's adoption by DTCC and Broadridge marking a shift toward on-chain settlement infrastructure for institutional treasury flows.
Competition in on-chain perpetual futures is intensifying with the launch of Lighter's LIT token. The token generation event valued Lighter at a multiple matching Hyperliquid's market valuation, signaling investor confidence in Lighter despite current operational gaps.
Lighter generated $8.5 million in fees over the past 30 days, compared to Hyperliquid's $66.8 million in the same period. Open interest on Lighter stands at $1.45 billion versus Hyperliquid's $7.44 billion, reflecting deeper liquidity and user concentration on the established platform.
Hyperliquid launched its native HYPE token via airdrop in November 2024 and operates as a purpose-built Layer 1 blockchain for perpetual futures trading, with BFT consensus underpinning its high-throughput environment.
The valuation parity between Lighter's LIT and Hyperliquid's token metrics reflects broader competitive dynamics in on-chain derivatives, where new protocols are capturing market share from incumbents. The $6 trillion RWA integration on Canton and intensified DEX competition underscore a maturing DeFi landscape in which protocols compete for both institutional and native crypto liquidity.
