Bitwise launched Lighter's ETP in the first round amid competition with Hyperliquid .

Bitwise Asset Management launched an exchange-traded product (ETP) in Europe that tracks the performance of Lighter by opening a channel for traditional investors to access one of Hyperliquid 's emerging competitors without having to buy tokens directly.

On Wednesday, Bitwise announced that the Bitwise Lighter staking ETP (BLIT) has been registered to trade on the German stock exchange Xetra and is considered as the first ETP to follow LIT's traditional trading platform.

This product is fully insured by LIT at cold storage and charges an annual fee of 0.85%. European investors can buy ETPs through a common brokerage account without having to purchase or hold LIT themselves.

Although it is called staking , BLIT has not generated a reward from staking at this time. Bitwise notes that the stake will begin when products have enough assets under management to make the process worthwhile; before then, ETP will track the price of LIT only with no payoff from the stakes.

This lighter product launch comes on the heels of Bitwise's Hyperliquid staking ETP launch in Europe in April, which reflects an expansion of this asset manager's portfolio to include those involved with large central distribution derivatives platforms.

Lighter is a decentralized exchange built on Ethereum that uses zero-knowledge proofs to verify trades, allowing users to control their own assets instead of having to deal with centralized exchanges. The platform also offers free trading for retail users as part of its competitive strategy against the existing centralized derivatives platform Hyperliquid .

According to data from CoinGecko Lighter, the volume of trade in the past 24 hours has reached nearly 1.8 billion dollars.

Related article: Bitwise executives expect Bitcoin to gain support from Hyperliquid and Robinhood in the next round of trading

Lighter, open the building at the end.

Lighter became a major distribution channel in July, when Robinhood announced that the exchange would be merging with the company's second-tier network on Ethereum . Eligible users can buy and sell contracts through perpetual futures by buying or selling settled via Lighter's virtual contract.

Hyperliquid is still a much larger player, unlike Lighter which operates as a Tier 2 on its own tier 1 block chain. It holds more than 61% of the market share in perpetual futures according to The Motley Fool and continues to expand through their ongoing partnerships.

In May, Circle announced an agreement to expand the use of USDC on Hyperliquid , including increasing capacity and facilities for stablecoin transfers across blockchains. Currently there are USDC , deposited at Hyperliquid worth about $5 billion according to data from Coinbase .

I'm not sure what you mean by that.