LIT briefly dropped over 14%, possibly influenced by news that Robinhood is launching perpetual contracts in the U.S. using Bitstamp.

BlockBeats news, September 30, according to HTX market data, Lighter (LIT) briefly dropped over 14%, now trading at $3.89. On the news front, Robinhood is integrating Bitstamp and plans to offer cryptocurrency perpetual contracts to eligible U.S. users.

Robinhood previously integrated Lighter into its on-chain perpetual contract business, but this time, when launching perpetual contracts for U.S. users, it chose to integrate Bitstamp instead of continuing to use Lighter. The market may interpret this as Lighter failing to secure the main order flow from Robinhood's new perpetual contract business, leading to downward revisions in expectations for its trading volume, fee revenue, and LIT buyback and burn scale, triggering a sell-off in LIT.