There's an interesting valuation puzzle worth examining here. Lighter currently drives roughly 5% of Hyperliquid's revenue stream, yet the market has priced $LIT at approximately 10% of $HYPE's valuation. That math doesn't quite add up. If we map revenue generation to market cap directly, $LIT appears either significantly undervalued or $HYPE is running ahead of fundamentals. Two possibilities emerge: either $LIT should trade at roughly half its current ratio to $HYPE, or $HYPE has room to nearly double its current valuation. Given the revenue contribution disparity, the latter scenario seems more plausible—suggesting $HYPE still has runway as the market catches up to recognize Hyperliquid's value proposition more fully.