Lighter token LIT has rebounded after a previous pullback, with a gain of approximately 11% at the time of writing. Previously, the market weakened due to the SEC's delay in approving tokenized stock trading, leading to selling by both whales and retail investors. With the recovery of on-chain activity, LIT has once again attracted investor attention.
Agreement fees rise to a five-week high
On-chain data has been a key driver of this rebound. DefiLlama data shows that as of May 23, the Lighter protocol's daily fees were approximately $152,000, the highest level since April 17.
During the same period, the total value locked in the protocol also increased. Since May 1, Lighter's TVL has increased by approximately $15.53 million, reaching approximately $149 million, indicating that funds are still flowing back in.
Perpetual trading maintains high activity
Trading volume for perpetual contracts on the platform also remained high. From May 18 to 23, perpetual trading volume on the Lighter platform consistently exceeded $1 billion, indicating that market interest in this asset has not cooled significantly.
CoinGlass data shows that LIT open interest increased by approximately $29.9 million in the past day, rising to $249 million. An increase in open interest typically indicates that new leveraged positions are accumulating in the market.
The funding rate remained positive, indicating that more new funds flowed to the bullish side, and short-term sentiment was strong.
Binance had the highest trading volume.
In terms of trading platform distribution, Binance is the market with the most concentrated trading in this round. Data shows that the LIT long/short ratio on Binance once rose to 1.8, indicating that buying orders dominated.
As of press time, Binance's LIT trading volume was approximately $69.82 million, ranking first among centralized and decentralized exchanges and becoming the main trading venue for this round of price increases.
Overall, LIT's rebound was not solely driven by price fluctuations; protocol fees, TVL, perpetual positions, and platform trading volume all rebounded simultaneously, indicating that capital and user activity are recovering.
