Lighter Q3 revenue hits $8.55M; LIT rises 7.23% after investor call

The revenue figure matters less than the mix: with nearly 70% of the Robinhood instance's open interest in RWA, Lighter is increasingly a real-world-asset venue rather than a pure crypto perps play, which is a different competitive and regulatory proposition. The planned CFTC DCM and DCO filings signal a push toward regulated US derivatives status, a costly and slow path that few offshore-style perps venues have attempted. The token's move on an investor call is a sentiment signal, not a fundamentals one — whether open interest and RWA concentration hold into the licensing process is the open question.