I finally had some time today to look at Lighter's product and read the official documentation and research reports. I hadn't had time to do this work since its launch. Today I discovered something interesting about Lighter's product. I found that by attracting retail users with zero fees, they slow down professional users by 200-300ms. I hadn't worked on this project before. I hadn't noticed this tactic before. Actually, this allows the big players to more easily exploit retail users without the retail users realizing it. A very cunning tactic!

The problem isn't inflated metrics, but rather the effectiveness of using them as a basis for valuation.