The Depository Trust & Clearing Corporation (DTCC) has moved $6 trillion in DTC-custodied Treasuries onto the Canton Network, leveraging blockchain infrastructure for tokenization and settlement of real-world assets (RWA).
Canton processes $350 billion in U.S. Treasury activity daily through its RWA rails. Broadridge and DTCC are utilizing the network for these operations, signaling institutional adoption of blockchain settlement infrastructure.
Simultaneously, the on-chain derivatives market faces new competition with Lighter's LIT token launch. Lighter has achieved a fee structure comparable to Hyperliquid, though significant scale gaps remain: Lighter recorded $8.5 million in 30-day fees versus Hyperliquid's $66.8 million, and holds $1.45 billion in open interest against Hyperliquid's $7.44 billion.
Lighter's aggressive fee targeting reflects an emerging trend in DEX competition. New protocols are deploying distinct strategies to attract liquidity and volume, pushing competition across segments beyond total value locked.
The integration of Treasuries onto Canton represents a direct bridge between traditional finance and decentralized ecosystems. This move streamlines settlement and enhances transparency for on-chain RWA infrastructure.
Hyperliquid, a purpose-built Layer 1 for perpetual futures, maintains its lead in both metrics. The emergence of competing protocols indicates a dynamic environment where fee models and token emissions remain key levers for new entrants seeking market share.
