Hyperliquid is facing increased competition from LIT, which is developing Lighter’s trading ecosystem, as publicly traded companies challenge the tokenization of their shares through OKXICE, the joint venture between OKX and Intercontinental Exchange. Nvidia, Microsoft, Nike, Alphabet, JPMorgan Chase, and Goldman Sachs are among the companies opposing the initiative, which initially planned to tokenize shares from 62 major US companies. DefiLlama data shows that Lighter generated $4.93 million in protocol revenue over 30 days and reached $793 million in total value locked, while its LIT buybacks since January have totaled $33.2 million. Hyperliquid continues to dominate decentralized perpetual futures trading, but the unstaking of 3.75 million HYPE in October for an institutional transaction worth approximately $330 million creates a potential supply overhang. Wall Street’s resistance could also encourage Bitcoin-based infrastructure projects such as Bitcoin Hyper, which has raised more than $33.23 million in its presale.
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