Bitwise launches first European LIT exchange-traded product

Bitwise launched the Bitwise Lighter Staking ETP on Deutsche Börse Xetra. The product is the first exchange-traded product tracking LIT, the native token of the decentralized derivatives platform Lighter. The ETP is fully backed by LIT held in cold storage. It carries a 0.85% annual expense ratio. European investors can buy it through a regular brokerage account without buying or holding LIT directly. The product does not currently generate staking rewards. Bitwise said staking will begin once the ETP reaches enough assets under management to make the process efficient. Until then, the ETP tracks LIT's price without generating staking returns. Bitwise launched a Hyperliquid staking ETP in Europe in April. Lighter is an Ethereum-based decentralized exchange focused on perpetual futures. The platform uses zero-knowledge proofs to verify trades. It allows users to retain control of their assets instead of depositing them with a centralized exchange. Lighter offers zero-fee trading for retail users. Lighter recorded nearly $1.8 billion in trading volume over the past 24 hours, according to CoinGecko data. Robinhood integrated Lighter into Robinhood Chain in July. Eligible Robinhood Wallet users can trade perpetual futures through Lighter. Hyperliquid controlled more than 61% of decentralized perpetual futures trading, according to data cited by The Motley Fool. Circle announced a deal in May to expand USDC usage on Hyperliquid. Roughly $5 billion in USDC was held on Hyperliquid at that time, according to Coinbase.