Bitwise Asset Management on Wednesday launched the Bitwise Lighter Staking ETP (BLIT) on Deutsche Börse Xetra—the first exchange-traded product tracking LIT, the native token of the decentralized derivatives platform Lighter, with an annual fee of 0.85%. The ETP is fully backed by LIT held in cold storage and is available to European investors through standard brokerage accounts without the need to purchase the token directly.

Staking in BLIT not yet active

Despite the name, the product does not currently pay staking rewards. The company plans to introduce staking once assets under management reach a level where it becomes efficient. Until then, BLIT will simply track the price of LIT without offering staking yield.

Bitwise expands ETP lineup for derivatives DEXs

The Lighter launch follows the European listing in April of a staking ETP on Hyperliquid. The asset manager is expanding its range of products tied to tokens of major decentralized derivatives platforms.

Lighter focuses on perpetuals and ZK proofs

Lighter is a decentralized exchange on Ethereum focused on perpetual futures. It uses zero-knowledge proofs to verify trades, allowing users to retain control over their assets. The platform offers zero fees for retail traders and recorded nearly $1.8 billion in trading volume over the past 24 hours. In July, Lighter secured a major distribution channel: Robinhood integrated the exchange into Robinhood Chain, an Ethereum layer-2 network; retail user trades are settled by Lighter smart contracts on this network.

Hyperliquid maintains leadership in perpetuals market

Competitor Hyperliquid operates on its own layer-1 blockchain and accounts for over 61% of decentralized perpetual futures trading. In May, Circle announced expanded USDC support on Hyperliquid, including increased liquidity and simplified stablecoin transfers between networks; at that time, Hyperliquid held about $5 billion in USDC.