Key facts
- Bitwise Asset Management launched the Bitwise Lighter Staking ETP (BLIT) on Deutsche Börse Xetra.
- The ETP tracks LIT, the native token of the Lighter decentralized derivatives platform.
- The product is fully backed by LIT held in cold storage.
- It carries an annual expense ratio of 0.85%.
- Lighter is an Ethereum-based decentralized exchange focused on perpetual futures.
- Lighter recorded nearly $1.8 billion in trading volume over the past 24 hours.
Bitwise Asset Management has launched an exchange-traded product (ETP) in Europe that tracks the LIT token of the Lighter decentralized derivatives platform. The Bitwise Lighter Staking ETP (BLIT) began trading on Deutsche Börse Xetra, providing European investors with a way to gain exposure to Lighter without directly purchasing its native token. The ETP is fully backed by LIT held in cold storage and has an annual expense ratio of 0.85%. Bitwise stated that staking rewards will commence once the product accumulates enough assets under management to make the process efficient. Until then, the ETP will mirror LIT's price movements without generating staking returns. This launch follows Bitwise's introduction of a Hyperliquid staking ETP in Europe in April, as the company expands its offerings in the decentralized derivatives space. Lighter operates as an Ethereum-based decentralized exchange specializing in perpetual futures, utilizing zero-knowledge proofs for trade verification while allowing users to maintain control of their assets. The platform offers zero-fee trading for retail users as it competes with established players like Hyperliquid. According to CoinGecko data, Lighter processed nearly $1.8 billion in trading volume in the preceding 24 hours. In July, Lighter was integrated into Robinhood Chain, Robinhood's Ethereum layer-2 network, enabling eligible Robinhood Wallet users to trade perpetual futures settled via Lighter smart contracts. Hyperliquid, which operates on its own layer-1 blockchain, remains a larger competitor, controlling over 61% of the decentralized perpetual futures trading market. In May, Circle announced an expansion of USDC usage on Hyperliquid, with approximately $5 billion in USDC held on the platform at that time.