The Lighter project essentially embodies the core logic of shorting Hyperliquid—issues like farm token models and unsustainable revenue sources. Interestingly, there are voices in the market supporting Hyperliquid, and as a result, this wave of popularity has actually boosted Lighter's visibility, with many participants jumping in to mine in a follow-the-leader fashion. This reflects a phenomenon: opposing project evaluations often generate mutual traffic, and the pursuit behavior of capital and users can sometimes resemble a reverse conspiracy.