Delphi Digital said technological change and household economic pressure are jointly driving demand for speculation and highlighted trading platforms that monetize fees or user distribution, BlockBeats reported on Oct. 21.
Platform thesis
The report mentioned Robinhood, Cboe, CME, Coinbase, Interactive Brokers and DraftKings, along with on-chain venues Hyperliquid, Lighter, Derive and Paradex. It said Hyperliquid generated about $972 million in trading fees and about $3 trillion in volume in 2025, with revenue used mainly to buy back HYPE. Its HIP-3 feature supports perpetual contracts linked to oil, precious metals and stocks.
Delphi called Lighter a platform to watch, citing zero-knowledge order-book matching and support for stocks, commodities and foreign exchange. It also said Lighter’s future revenue and LIT value capture remained unverified. These are research views relayed by BlockBeats, not a recommendation or independently verified figures.