𝐑𝐨𝐛𝐢𝐧𝐡𝐨𝐨𝐝 𝐄𝐯𝐞𝐧𝐭 Market briefly got psyopped on Lighter. Here's what happened at the event: -they talked about perps, briefly mentioned Lighter and DYDX, and quickly moved on (dumped) -they came back to talking about perps and confirmed 𝐋𝐢𝐠𝐡𝐭𝐞𝐫 𝐢𝐬 𝐭𝐡𝐞𝐢𝐫 𝐨𝐟𝐟𝐢𝐜𝐢𝐚𝐥 𝐩𝐞𝐫𝐩𝐬 𝐩𝐚𝐫𝐭𝐧𝐞𝐫 𝐚𝐧𝐝 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐝𝐢𝐫𝐞𝐜𝐭𝐥𝐲 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐑𝐨𝐛𝐢𝐧𝐡𝐨𝐨𝐝 𝐖𝐚𝐥𝐥𝐞𝐭 -they talked about stock tokens, which are currently available in 120 jurisdictions -they added "𝐰𝐞 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐝𝐞𝐞𝐩𝐞𝐧𝐢𝐧𝐠 𝐨𝐮𝐫 𝐜𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐰𝐢𝐭𝐡 𝐋𝐢𝐠𝐡𝐭𝐞𝐫 𝐨𝐯𝐞𝐫 𝐭𝐢𝐦𝐞" IMO what they delivered herewas the best case scenario. US users' ability to trade perps is something that still requires the regulators to decide how it will work and when it can go live. But no one currently in the perps race is better positioned than Robinhood for this. Longer term, best case scenario = being able to trade stock tokens and stock perps directly in Robinhood app from any major jurisdiction. With real tokenized stocks + Lighter DEX integrated the deepest, this would create the 𝐟𝐢𝐫𝐬𝐭 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐭𝐨 𝐝𝐨 𝐚 𝐟𝐮𝐥𝐥𝐲 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐥 𝐬𝐩𝐨𝐭/𝐩𝐞𝐫𝐩 𝐛𝐚𝐬𝐢𝐬 𝐭𝐫𝐚𝐝𝐞 𝐟𝐨𝐫 𝐬𝐢𝐧𝐠𝐥𝐞 𝐧𝐚𝐦𝐞 𝐬𝐭𝐨𝐜𝐤𝐬. This would add a lot of capital efficiency and liquidity to these markets. **𝐓𝐡𝐢𝐬 𝐢𝐬 𝐭𝐡𝐞 𝐦𝐞𝐠𝐚-𝐛𝐮𝐥𝐥 𝐜𝐚𝐬𝐞 𝐟𝐨𝐫 𝐋𝐢𝐠𝐡𝐭𝐞𝐫** in the medium-long term. As you know, I have been bullish Lighter recently based on their existing offering and volumes and viewing the Robinhood relationship as a longer-term call option. If anything, more confident now. While US users will not be slinging stock perps tomorrow, I see perps as clearly on the path for this to be possible in the future. While this will all take time to sort out and get right, the message is clear: the clearest crossover with PMF between TradFi and crypto is perpetuals. Long perps.