According to @CoinMarketCap, Lighter's token generation event launched today with an initial fully diluted valuation above $2 billion. According to Polymarket market pricing cited by @CoinMarketCap, the probabilities for Lighter's FDV are 100% to stay above $1B, 93% above $2B, and 52% above $3B. According to @CoinMarketCap, a comparative view versus major perpetuals venues sorted by current open interest was provided to contextualize Lighter's positioning.

According to QCP (@QCPgroup), perpetuals open interest has declined, funding rates have normalized, and there is increasing demand for short-dated downside protection. Notably, high-beta retail traders such as James Wynn have reduced exposure, signaling a shift toward more cautious positioning in the crypto derivatives market (source: QCP Twitter, May 27, 2025). Traders should monitor these signals, as reduced open interest and hedging demand typically precede potential volatility or corrective moves in top cryptocurrencies.