Lighter's recent performance is quite interesting. When the market cap surged to 6B, various KOLs followed the trend and shouted, shifting their focus to the next hot project Backpack; conversely, when Lighter fell below 1B, the same voices started to call for help, claiming that Backpack is the last lifeline in the Perp track.

This contrast is quite striking. But from the perspective of participation costs, it is indeed quite interesting—The points for the fourth quarter are now quoted at around 0.12U, compared to the previous high of 0.3U, it has already fallen to a historic low. In other words, if you want to participate in this type of Perp ecosystem project now, the cost is indeed optimal. The greater the market volatility, the more obvious the participation opportunities. Many people are stuck in the psychology of chasing high and buying high; in fact, these price corrections are the real windows worth paying attention to.