The $LIT thesis is simple:

Lighter processed $44.8B in perp volume over the past 30 days, up 32%, while fees climbed 72% to $4.48M.

More importantly, $2.7M of that revenue went directly into programmatic LIT buybacks. That is 60% of fees and a $32.4M annualized run rate.

At a $903M market cap, Lighter already controls 6.8% of onchain perp volume and over 1% of the $5T combined derivatives market.

$LIT trades at 26x revenue ( so not cheap), but the bet is that @Lighter_xyz keeps taking market share while growing buybacks alongside it.

More volume → more fees → more $LIT bought off the market.

If this plays out, I think $LIT can trade toward a $3B to $5B market cap.

https://x.com/Flowslikeosmo/status/2095195303779737750