So @Lighter_xyz is now sitting on the number 1 spot in terms of 30D perps trading volume with $306B. The daily trading volume is close to that of Hyperliquid when compared using @DefiLlama. IMO, this comes down to consistent execution. The trading experience is a big part of it. Their ZK orderbook on an Ethereum L2 actually feels stable, and fast. There’s a smoothness to the execution that traders naturally get comfortable with. I remember how they handled that heavy liquidation event earlier in October. A lot of platforms had cracks exposed; Lighter responded effectively, refunded users, and kept OI/TVL at a responsible level. That kind of reliability builds reputation faster. Their points program flow looks natural with the delta-neutral farming, and points are tied to real usage. Where this goes next probably depends on how they expand: spot markets, deeper integrations, maybe more institutional-grade features. Hyperliquid is still incredibly strong, and these rankings can flip at any time. But the momentum here feels earned. TGE is heating up, and I expect it to be a successful one. Based on their $68M raise at $1.5B valuation, current revenue from perps (~$900K daily), and competitors like Hyperliquid or Aster, I would peg a TGE FDV around $3B. That's conservative enough to account for market dips but opportunistic on their edge. OTC point prices imply buyers are eyeing $5B+. What's your FDV prediction for Lighter?