Lighter's already got momentum, yet the real upside hasn't priced in. Here's the thing—when Robinhood plugs in crypto perps infrastructure powered by Lighter, you're looking at a liquidity influx that could be transformative. It's not just about one integration moment; it's the whole architecture Lighter is constructing beneath the surface. Derivatives markets on mainstream platforms tend to unlock exponential participation. That's where the structural growth narrative sits. Early-stage adoption curves in perps infrastructure typically follow aggressive expansion cycles, especially when institutional-grade platforms enter the game. The current valuation might be celebrating the headlines, but the real play is what happens once the ecosystem stabilizes around it.