Lighter, a DEX focused on perpetual trading (perps), was used to power Telegram’s native leveraged trading.
In an April 2 statement, Wallet in Telegram said users of the privacy-focused messaging can now trade cryptocurrencies, stocks, metals and oil with up to 50x leverage.
The wallet has seen high adoption with over 150 million registered users.
Around 25 million of these users are considered active, particularly in P2P transfers and fiat on-ramps, making Telegram a key cryptocurrency trading terminal. The messenger itself has more than a billion users.
As such, Lighter integration could also increase trading volumes on the DEX. As it stands, this is Lighter’s primary and largest integration to date.
For comparison, its rival Hyperliquide manages criminals’ trading for Phantom, Rabby, MetaMask and others. This fueled the initial adoption of Hyperliquid by sharing the fees of transactions routed through the apps.
Could Lighter benefit from similar traction?
Will the deal boost Lighter’s business?
This collaboration comes at a time when demand for perpetual trading has exploded. At the market peak last October, overall perp volume reached $350 billion and $25 billion in open interest (OI).
Despite crypto’s broader rout in recent months, criminal volume still hovered around $150 billion.
However, Lighter’s business activity declined significantly. Especially after the symbolic debut of the LIT at the end of last December, which put an end to the agricultural period. As a result, traders looking for an airdrop have migrated elsewhere to seek new opportunities.
As a result, Lighter’s business activity fell sharply after December. This decline extended into the first quarter of 2026, and there was no significant recovery in the second quarter as the broader crypto market remains subdued.
So far, weekly trading volumes have fallen from a record $75 billion in November to around $8 billion in April, an 89% decline in trading activity.
The protocol’s revenue has also declined. It went from a weekly average of $4 million to $325,000, translating into a 91% revenue drop.
It is worth noting that the brief respite in February boosted activity and revenues. In the end, this fueled the takeover of LIT, the native token of the protocol.
If the Telegram integration improves activity and revenue in April, then the recent 30% recovery could continue. Otherwise, a rejection at $1 and weak activity could bring LIT down to $0.78 or lower.
Final summary
- The Telegram integration fueled LIT’s 30% rally in early April.
- Lighter DEX revenue fell 91%, but Telegram’s resumption of trading could help reverse the trend and spur LIT’s takeover.
