Bitwise Launches First Lighter ETP in Europe as Rivalry With Hyperliquid Grows

Bitwise Asset Management has launched the first exchange-traded product tracking LIT, the native token of decentralized derivatives platform Lighter. The Bitwise Lighter Staking ETP (BLIT) began trading Wednesday on Deutsche Börse Xetra. It is fully backed by LIT held in cold storage and charges a 0.85% annual expense ratio. European investors can buy it through a regular brokerage account without holding the token.

Despite the name, BLIT pays no staking rewards yet. Bitwise says staking will start once assets under management are large enough to make it efficient. Until then, the ETP simply tracks LIT’s price.

What Is Lighter? Ethereum-Based Perpetual Futures Exchange

Lighter is an Ethereum based decentralized exchange built around perpetual futures. It uses zero-knowledge proofs to verify trades, and users keep control of their assets instead of depositing them with a centralized exchange. Retail users pay no trading fees.

Lighter vs Hyperliquid: Decentralized Perpetual Futures Market Share

Hyperliquid remains far bigger. It runs on its own layer-1 blockchain and controls more than 61% of decentralized perpetual futures trading, according to data cited by The Motley Fool. Bitwise launched a Hyperliquid staking ETP in Europe in April. In May, Circle announced a deal to expand USDC use on Hyperliquid, which held roughly $5 billion in USDC at the time, per Coinbase.