Delphi Digital conducted an analysis of the Lighter platform, assessing its risks and potential within the zero fee perp DEX model. Analysts noted that such platforms are often perceived by the market as standardized infrastructure, but it’s not only the model itself that matters — the quality of the user flow plays a decisive role. Experts highlighted the concept of curated flow: less aggressive and less informed participants against whom market makers find it easier to profit. Current estimates show the LIT token trading close to its fair value, which reduces arguments for aggressive entry at these levels.
What Is the Lighter Platform and Why Is It Important?
Definition of Zero Fee Perp DEX
Zero fee perp DEX platforms are decentralized exchanges for perpetual futures where users do not pay standard trading fees. This structure changes the revenue model of the platforms, shifting market attention to other monetization sources and demand management. This architecture is what attracted Delphi Digital analysts when evaluating Lighter.Lighter’s Role in the Ecosystem
Lighter positions itself as part of the class of fee-free platforms, making it a component of the growing set of infrastructure solutions for derivatives. The project’s market impact is determined not only by the absence of fees but also by the type of traffic the platform attracts and how it is filtered. Therefore, experts considered Lighter in the context of user flow quality and monetization opportunities.The Quality of User Flow and Its Importance
What Is Curated Flow and Why Does It Matter?
Curated flow refers to a selected quality stream of users—primarily retail and less aggressive traders. Analysts point out that not all traffic is equally valuable: market makers value predictability and low aggressiveness of orders. These characteristics increase the likelihood of profits for liquidity providers.Why Market Makers Prefer Retail Users
Delphi Digital notes that market makers are willing to pay for access to less informed and less aggressive demand, whereas flow from professional or arbitrage traders is less valuable to them. This creates a pricing advantage for platforms that can manage traffic quality and opens opportunities for further monetization while maintaining appropriate flow.Risks and Potential of the Lighter Platform
Analysis of the Current LIT Token Valuation
Analysts concluded that the LIT token trades close to its fair value, reducing the attractiveness of aggressive buying at current levels. Delphi Digital emphasized that more favorable entry points occur when the price weakens while volumes and open interest remain stable—such divergence can create entry points with better risk-reward ratios.Why Aggressive Buying Is Less Attractive
Because LIT is valued near fair price, any active position buildup may not yield positive expected returns over the analyzed time frame. Combined with the platform’s demand characteristics, this diminishes arguments for rapid aggressive entry, especially for those targeting price anomalies and imbalances between price and fundamentals.At the same time, the zero fee model combined with flow quality control appears strategically strong: such platforms can create real pricing advantages and later introduce tiered access or premium products. However, Delphi Digital warns that paid services tend to be copied by competitors over time and become subject to price dumping, reducing their value as differentiators. For broader context, see the article on the altcoin bull cycle or on the stance of major market players — large traders.
Long-Term Monetization Strategies
Why Traditional Models Lose Effectiveness
Delphi Digital points out that paid services and fees are easily copied by competitors, leading to price competition and dumping. As a result, users stop seeing value in fees unless there is a significant execution advantage or unique functionality.How to Attract Users Before Monetization
Researchers suggest reversing the sequence: first focus on growing the user base and improving flow quality, then gradually and carefully introduce monetization. This approach helps preserve value for market makers and reduces the risk of mass migration of retail users to cheaper platforms.Why This Matters for a Miner in Russia
For a miner, having platforms with varying traffic quality primarily affects the conditions for selling mined coins and the quality of order execution. If a platform manages flow and supports retail demand, it can provide more predictable spreads and less impact from aggressive arbitrage orders when selling accumulated capital. The zero fee model itself is not directly related to mining but influences the market where you sell your mined assets.
Another practical point is monetization and paid services: if exchanges start introducing paid access tiers or premium features, this can affect the choice of platform for regular revenue realization. However, Delphi Digital warns that such services are vulnerable to copying and dumping, so long-term value depends on execution quality and unique platform features.
What Should You Do?
- Monitor the quality of flow and execution market on the platform where you sell mined coins: stable volumes and predictable spreads are more important than temporary price spikes.
- Avoid aggressive entry into LIT—Delphi Digital notes the token trades near fair value, so impulsive buying is less justified now.
- Track price dynamics relative to volumes and open interest: analysts find entry points more attractive when price momentum weakens but market activity remains stable.
- Diversify platforms for selling mined coins to reduce the impact of local dumping and commission policy changes.
- Monitor the emergence of premium features and their execution—if execution advantages remain, staying on the platform is justified; otherwise, consider alternatives.