The Depository Trust & Clearing Corporation is tokenizing DTC-custodied Treasuries on the Canton Network, moving a segment of U.S. sovereign debt onto the permissioned blockchain for on-chain settlement and representation.
Canton is a private, interoperable blockchain designed for regulated financial institutions. The architecture enables atomic settlements across applications while maintaining compliance and privacy—critical for institutional adoption.
The move opens new liquidity pathways for Treasuries, historically subject to slower OTC settlement. On-chain representation could reduce friction in the secondary market and enable programmable mechanics around collateral and lending.
Simultaneously, Lighter Protocol launched trading for its native LIT token with a fee structure calibrated to match Hyperliquid's economics. Hyperliquid, which launched HYPE in November 2024, has become the high-throughput standard for on-chain perpetuals—generating substantial per-trade revenue through exchange and funding fees.
Lighter's positioning mirrors the broader competition among Layer 1 and application-specific chains to capture derivatives volume. The protocol's token utility hinges on fee accrual and potential governance of order flow or MEV mechanisms, following Hyperliquid's model.
