Canton Processes $6T in RWAs as Lighter’s LIT Trades at Hyperliquid-Like Fees Multiple
Canton, a blockchain built for financial institutions, has processed roughly $6 trillion in real-world assets (RWAs) by Q4 2025 and currently handles about $350 billion per day in U.S. treasury activity. Institutional integrations are driving usage: Broadridge’s Distributed Ledger Repo runs on Canton (processing $8 trillion/month in repo), Nasdaq integration supports automated margin and collateral workflows, and DTCC selected Canton to pilot issuing a subset of DTC-custodied U.S. Treasuries onchain pending SEC approval. Canton’s Global Synchronizer collects fees in CC that are burned; median token burns over the past 20 days were about 6.71 million CC per day (~$627k/day), with peaks to $750k–$850k. Since November, Canton averaged ~28.5k daily active users and ~678.3k daily transactions. Separately, Lighter launched LIT (max supply 1B; 250M circulating at TGE) after an airdrop on Dec. 30. LIT’s allocation: 50% ecosystem, 26% team, 24% investors; team/investor tokens have a one-year cliff then three-year linear vesting. Lighter positions revenues and buybacks to accrue value to LIT holders and issued LIT from its US C-Corp. Market comps place Lighter’s FDV and float close to Hyperliquid’s; Lighter trades at ~26.6x FDV/annualized fees (6.9x on circulating) vs. Hyperliquid’s ~29.9x (7.6x), despite Lighter’s smaller scale ($8.5M 30-day fees, $1.45B open interest vs. Hyperliquid $66.8M fees, $7.44B OI). Key takeaways for traders: Canton’s institutional traction and high onchain RWA throughput suggest rising fee capture and token burn dynamics that can support CC; LIT’s TGE and fee-multiple valuation relative to Hyperliquid position it as a speculative play on perps/DEX revenue capture and token-aligned corporate structure.
Bullish
This news is bullish for the tokens and projects involved for several reasons. Canton shows meaningful institutional adoption (Broadridge, Nasdaq integration, DTCC pilot) and extremely high RWA throughput ($6T processed, ~$350B/day in treasuries). Those metrics imply recurring fee revenue and sustained onchain activity; Canton’s token burns (median ~6.71M CC/day) create direct supply pressure that, if sustained, supports token value. Historical parallels: networks that captured real institutional flows (e.g., Paxos/Anchor use cases, early tokenized asset rails) often saw positive narrative-driven inflows and higher valuation multiples as utility translated into fees and buybacks. For traders short-term, expect higher liquidity and event-driven volatility around DTCC rollouts, token burns, and any regulatory updates (SEC approvals). Positive news or confirmed institutional deployments could trigger price spikes; conversely delays or regulatory pushback would cause sharp corrections. For LIT, TGE mechanics (25% float, structured vesting) plus a fee-multiple valuation near Hyperliquid make it a speculative bullish trade tied to expected DEX revenue growth. LIT could see price appreciation if onchain fee metrics, volume and open interest scale towards comps; however, its smaller absolute fees and OI mean downside risk if growth disappoints. Overall market impact: modestly bullish — institutional tokenization and clear fee-to-token mechanisms increase long-term utility and decrease pure speculative supply over time. Traders should monitor onchain fee burn rates, DTCC/Nasdaq deployment milestones, LIT fee generation, and vesting cliffs as key catalysts.