#代币化资产 Seeing the hype around Lighter's funding, I need to calmly analyze this market trend. The valuation benchmark of $3 billion to $4.2 billion, derived from Polymarket and pre-market prices, sounds very professional, but that's exactly where I tend to get caught.

These types of funding news are most likely to create FOMO, especially when various KOLs start predicting "optimistic expectations of 7.5 to 12.5 billion." I've seen too many stories like this—high funding enthusiasm, valuation predictions repeatedly upgraded, only to find out after launch that liquidity and real demand are completely different. When it comes to tokenized assets, we need to be even more cautious; many projects base their valuations on imagined scenarios rather than actual trading volume and user stickiness.

Lighter and Hyperliquid are not the same thing at all, and this distinction is very important. But the key question is: if you rush in now, are you betting on the funding expectations, or on the real RWA ecosystem taking shape? The former is a typical pump-and-dump rhythm, while the latter requires market validation. My experience is that valuations of such infrastructure projects are most inflated during funding rounds. Only when financial institutions truly get involved and promises like spot market zero fees are fulfilled should we reconsider.

The smartest approach now is to observe, not chase.