LIT as catch-up trade with distribution expansion thesis

$LIT increasingly looks like the catch-up trade for anyone who missed $HYPE. On metrics alone, Hyperliquid wins. LIT 90d volume: -23.8% vs. HYPE: +14.7% LIT 90d fees: -14.1% vs. HYPE: +3.5% But on the distribution side, we're seeing a shift. Since July, Robinhood has used Lighter as the exclusive perps engine inside Robinhood Wallet, with revenue split 50/50. Robinhood Wallet accounts for just $98M of Lighter’s $33B in 30-day volume. And while the market already values LIT and HYPE at almost identical fee multiples: 21.1x vs 21.4x. The LIT thesis rests on expanding distribution. That's why $LIT is up 162% vs. $HYPE 34% over the past 90 days. Any meaningful expansion of Lighter or Robinhood will continue to generate outsized returns imo.