The Depository Trust & Clearing Corporation has moved $6 trillion in real-world assets through the Canton Network, including the tokenization and settlement of DTC-custodied U.S. Treasuries—marking a direct integration of traditional finance infrastructure with blockchain rails.
Canton Network processes $350 billion in U.S. Treasury activity daily. Broadridge and the DTCC are among the institutions using the network for RWA tokenization and settlement.
Lighter launched its LIT token this week, entering the on-chain derivatives market with a fee structure positioned below Hyperliquid's. Over the past 30 days, Lighter generated $8.5 million in fees against Hyperliquid's $66.8 million—a roughly 8x gap in absolute fee revenue. Lighter recorded $1.45 billion in open interest following launch; Hyperliquid carries $7.44 billion.
The DTCC's adoption of Canton for RWA settlement expands the supply of yield-bearing tokenized Treasuries available on-chain, giving DeFi protocols a low-risk collateral base that competes directly with native lending markets for stablecoin liquidity.
In on-chain perps, Lighter is betting that a lower fee model and LIT token incentives can pull volume from Hyperliquid. The gap in open interest and fee revenue is wide, but Lighter's $1.45 billion in OI at launch gives it a credible starting position in a market where liquidity tends to concentrate quickly.
