Two different approaches in the DEX track—Lighter and Hyperliquid's business logic

Both deeply involved in the decentralized exchange field, Lighter and Hyperliquid have chosen completely different development strategies. Although both are engaged in DeFi, their underlying business structure designs are entirely different.

First, let's talk about Hyperliquid's approach—focused on horizontal scaling. Through mechanisms like Builder Codes, the priority is to grow the market and expand scale. The logic of this model is straightforward: build the market first, then consider optimization in other dimensions.

Lighter's approach, on the other hand, is different. Although both projects compete in the DEX track, their business entry points and expansion logic have fundamental differences. It's not about who has better technology or faster performance; the core difference lies in—how to understand and operate this business.