The Depository Trust & Clearing Corporation (DTCC) integrated six trillion U.S. Treasuries onto the Canton Network. This enables on-chain tokenization and settlement for DTC-custodied assets, expanding real-world assets (RWA) within decentralized finance.
Canton Network processes 350 billion U.S. treasury activity daily. Both Broadridge and DTCC use the network for RWA tokenization and settlement, demonstrating institutional adoption of on-chain infrastructure for traditional financial instruments.
Concurrently, Lighter launched its LIT token generation event, positioning itself as a competitor in the decentralized exchange (DEX) sector. Lighter aims to achieve a fee multiple comparable to Hyperliquid, a prominent on-chain perpetual futures exchange.
Despite this ambition, a gap in absolute scale exists between the two platforms. Lighter reported 8.5 million in fees over the last 30 days, while Hyperliquid generated 66.8 million in fees during the same period.
Open interest figures further illustrate this scale disparity. Lighter holds 1.45 billion in open interest, less than Hyperliquid’s 7.44 billion.
The scale difference between Lighter and Hyperliquid remains, despite Lighter's fee targeting. This indicates competition within the DEX market as new protocols emerge with new strategies.
The six trillion RWA integration on Canton and the rising DEX competition highlight a developing DeFi landscape. Protocols are actively competing for institutional and native crypto liquidity, advancing on-chain financial infrastructure.
