Size and Money Locked

Ethena has roughly $5 billion locked in its protocol, making it an order of magnitude larger than Lighter, which holds about $784 million. The TVL for Ethena has slipped slightly by 0.3% over the past week, while Lighter’s TVL fell about 2.9% in the same period.

Activity and Fees

Lighter processes about $10 million in trading volume each day, whereas Ethena reports no volume in the last 24 hours. Despite the lack of volume, Ethena users paid roughly $3.3 million in fees, far exceeding Lighter’s $0.3 million fee collection.

Networks and Reach

Ethena operates on two chains, Ethereum and TON. Lighter spans four networks: Ethereum, Arbitrum, Robinhood Chain and zkLighter, giving it broader cross‑chain exposure.

Who Each Platform Suits

Ethena is geared toward users seeking a large, synthetic dollar ecosystem with deep liquidity on Ethereum and TON. Lighter appeals to traders who value multi‑chain access and higher daily trading volume, especially on Ethereum and its layer‑2 extensions.