加密市场升温，Bitwise推出首款轻量化ETP

Bitwise launches European-listed Lighter token ETP, which allows traditional investors to indirectly hold LIT

Bitwise Asset Management recently launched a European-listed exchange-traded product (ETP). The value of this product is linked to the tokens of Lighter, a decentralized derivatives trading platform. This move allows traditional brokerage customers to gain investment exposure to LIT tokens without directly purchasing or holding cryptocurrencies.

According to Bitwise, its "Bitwise Lighter Staking ETP"(BLIT for short) began trading on the Xetra market on the Deutsche Börse on Wednesday. Bitwise said that BLIT is the first ETP in Europe designed to track the price trend of LIT, which is the native token of Lighter, a decentralized derivatives platform based on Ethereum.

Core Points

• Bitwise launched its BLIT exchange-traded product on the Deutsche Börse Xetra market, aiming to provide European investors with investment channels for LIT tokens.
• This product is fully supported by LIT tokens stored in cold wallets, with an annual management fee rate of 0.85%.
• Currently, this product mainly tracks the price performance of LIT and has not generated pledge income.
• Bitwise has included Lighter in its broader strategic framework and plans to list more ETP products that reference the decentralized finance (DeFi) derivatives ecosystem.

BLIT launches Xetra: Full endorsement of cold storage

Bitwise的公告指出，BLIT持有的LIT代币均存储在冷钱包中，且产品结构设计为标准券商账户即可访问。这对于希望获得受监管、交易所交易的加密资产敞口，但不愿管理私钥、数字钱包或处理链上交易要求的投资者而言，具有重要意义。

Bitwise将该产品的持续成本设定为每年0.85%。尽管该产品以“质押”命名，但其当前设计更为保守：重点在于追踪LIT的市场价格，而非立即分配质押回报。

暂无质押收益：优先追踪价格表现

虽然BLIT被标记为“质押”产品，但Bitwise表示，只有当ETP管理的资产规模达到足以使质押操作高效运行的水平时，才会启动质押功能。在此之前，该ETP将仅镜像LIT的价格表现，而不会产生质押收益。

对投资者而言，实际影响十分明确：目前的收益取决于LIT的市场方向，而不是底层代币是否正在赚取质押收入。因此，质押何时开始将成为一个关键观察变量，特别是对于那些正在评估该ETP与其他可能已产生收益的加密资产替代方案的投资者来说。

构建去中心化衍生品产品线

The launch of Lighter ETP follows Bitwise's previous entry into exchange-traded products linked to the decentralized derivatives market. In April this year, Bitwise launched a pledged ETP in Europe focused on Hyperliquid-, marking its commitment to bringing token exposure in major decentralized trading venues into a regulated framework.

In this context, BLIT expanded Bitwise's European product line to a second derivatives ecosystem. Bitwise describes the underlying platform Lighter as a decentralized exchange based on Ethereum-focused on perpetual contract trading. Bitwise also pointed out that Lighter uses zero-knowledge proof to verify transactions and aims to help users retain control of their assets rather than deposit them on a centralized exchange.

Lighter has also promoted its offer of zero-fee transactions to retail users, a competitive strategy designed to compete for market share from mature decentralized derivatives platforms, including Hyperliquid.

Breaking through in a market dominated by Hyperliquid

Lighter's expansion is not an isolated event. Recent offering support and trading activity suggests that while Hyperliquid remains dominant, market attention is growing.

Bitwise's documents and background material highlight that, based on CoinGecko's exchange data, Lighter's trading volume in the past 24 hours was close to $1.8 billion. This level of activity highlights why token-linked ETPs may attract investor interest-especially those seeking exposure to the high-frequency decentralized finance (DeFi) sector and closely linked to derivative demand.

此外，该平台在7月获得了一个重要的分销渠道：Robinhood将Lighter整合到了其以太坊二层网络Robinhood Chain中。符合条件的Robinhood Wallet用户可以通过Lighter交易永续合约，结算由Lighter智能合约在Robinhood Chain上处理。

尽管如此，Hyperliquid继续在去中心化永续交易中引领潮流。文章指出，Hyperliquid控制了超过61%的去中心化永续合约交易量，引用了The Motley Fool引用的数据。Hyperliquid的主导地位得到了生态系统支持的巩固，包括支付和稳定币结算动态。

例如，Circle于今年5月宣布将扩大对Hyperliquid上USDC的支持，旨在改善流动性并简化跨区块链的稳定币转账。当时Coinbase报道称，Hyperliquid上持有的USDC金额约为50亿美元。

BLIT与LIT投资前景展望

BLIT的推出为欧洲投资者提供了一条新的、受监管的途径来获取LIT敞口，但该产品的关键问题在于质押回报何时以及是否会开始。交易者和长期持有者还应密切关注Lighter的竞争地位，特别是在它继续通过差异化策略在永续合约市场中对抗Hyperliquid及其他平台的过程中。