I mentioned that TVL is important: Lighter’s TVL has started to rise, while Aster’s continues to decline, reflecting similarly in these tokens. $HYPE’s TVL has also begun to increase—perhaps due to tokens held on the platform—but while the TVL is rising, it’s not increasing as much as the token price. Still, it is growing. Hyperliquid’s TVL is fully 10 times that of Lighter’s, yet in terms of FDV, $HYPE is 20 times higher. Aster’s TVL is $770M, with an FDV of $5.6 billion; Lighter’s TVL is $750M, with an FDV of $4.38 billion for $LIT. Thus, Lighter appears cheaper on an FDV basis compared to both, but TVL alone isn’t the only criterion—revenue matters too. If a perp’s TVL remains flat or grows after its TGE, that indicates vitality. Lighter’s TVL stabilized and then began rising—I anticipated the token’s increase from this trend. It’s always essential to know where the money is flowing.