What Makes Lighter Different?
- •Custom zk Circuits – Unlike traditional L2 perps, Lighter uses zero‑knowledge circuits for verifiable matching and liquidations, ensuring fairness and transparency at the protocol level.
- •Performance Grade Matching – Built to meet the standards of high‑frequency finance, Lighter delivers true exchange‑grade UX without leaving the chain.
- •Low Fees, Low Latency – Frontend traders enjoy 0 fees, while APIs, market makers, and high‑frequency traders pay under strict anti‑wash rules.
By the Numbers
- •188,000+ accounts created
- •50,000+ daily active traders
- •TVL hit $800 M after public beta
- •Season 1 points program successfully concluded
- •Season 2 underway until end of 2025
This rapid growth highlights strong adoption from both retail and professional traders.
Season 2 Points Program
Season 2 is now live and introduces new mechanics to earn points, rewarding genuine trading activity and long‑term participation.
- •Runs until end of 2025
- •Deposit caps and invite limits removed – anyone can now join freely
- •Referral program remains active, incentivizing organic growth
- •Anti‑Sybil and anti‑wash measures enforced to keep the system fair
Details of the new earning mechanics will be released in the coming days, giving traders more opportunities to strengthen their position before the TGE.
Airdrop Speculation
One of the biggest drivers of excitement around Lighter is the potential token airdrop. With points being the central rewards mechanism, the community widely speculates that accumulated points will convert into a future token allocation at TGE.
One of the research groups, kaizen trading, has modeled possible outcomes projecting different valuations for Lighter points based on potential FDV milestones.
- •$500 M scenario → $42–$50 per point
- •$750 M scenario → $63–$75 per point
- •$1.25 B scenario → $104–$125 per point
While none of these numbers are officially confirmed, the speculation underscores how valuable early participation could become.
Security and Transparency
- •All smart contracts and zk circuits fully audited, with reports publicly available: https://docs.lighter.xyz/security/security-audits
- •New Block Explorer released, providing full transparency into order management and trades.
- •Protocol designed with sustainable incentives for traders and liquidity providers.
Integrations and Listings
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- •Community dashboards live on Dune & http://LighterPulse.xyz to track TVL, volumes, and adoption metrics
Fee Distribution
Retail traders on frontend – 0 fees for low/mid‑frequency users.
API/MM/HFT users – pay fees under anti‑wash rules.
Fees distributed to LLP (Lighter Liquidity Provider) holders and protocol treasury.
Detailed breakdowns of fee flows and sustainability mechanisms will be published soon.
Backed by Tier‑1 Investors
Lighter is supported by some of the most elite VCs and angel investors in crypto:
Backed by the BEST foundersfund, dragonfly_xyz, HaunVentures & robotventures
And another top‑tier VCs and Angel Investors: @a16z, @lightspeedvp, @A_StarVC, @coatuemgmt, @CRV, @AbstractVC, @svangel, @8vc
This deep institutional backing highlights confidence in Lighter’s long‑term vision.
The Next Phase
With mainnet live, Lighter is gearing up for its next stage of growth:
- •Expanding DeFi composability across Ethereum & other L2s
- •Continuously refining trading UX for both retail and professionals
- •Building deeper liquidity incentives through points, referrals, and partnerships
The Perp Trading War: CLOB Competition Heats Up
2025 has become the year of the CLOB Wars – where onchain Central Limit Order Book (CLOB) DEXs fight to dominate perpetual trading.
HyperliquidX still leads with ~$398 B monthly perp volume and ~77 % of open interest, running on its custom L1 with sub‑second finality.
Lighter is the most disruptive challenger, already processing $133 B monthly with a zero‑fee retail model and zk‑proof settlement. Its rise has directly pressured rivals’ revenue models.
Aster, backed by CZ and Binance‑linked capital, has surged with incentives and token‑driven adoption, though long‑term sustainability remains in question.
Other challengers (EdgeX, Drift, Paradex, ADEN) are experimenting with hybrid revenue models from payment‑for‑order‑flow to infrastructure fees.
Market reality:
CLOB DEXs = 92 % of onchain perp volume ($607 B in 30 days)
But they only capture 12.4 % of spot volume, leaving a huge untapped opportunity vs. AMMs ($212 B spot volume)
For Lighter, this war is both a trading battle and an incentive battle. By combining zero‑fee trading for retail, verifiable zk infrastructure, and sustainable fee models for pro traders, Lighter has carved out a unique position. Add in the speculation around a massive airdrop, and the narrative becomes even stronger.
Final Thoughts
The end of private beta is only the beginning for Lighter. The mainnet launch brings together exchange‑grade speed, verifiable zk transparency, and full DeFi composability into one protocol designed for the next generation of perpetual trading.
With $800 M+ TVL, a thriving community of 188 000+ accounts and 50 000+ daily active traders, Lighter has already proven real adoption, not just hype. The transition to public mainnet removes all barriers: deposit caps are gone, invites are no longer required, and anyone can now join freely.
Meanwhile, Season 2 of the points program runs until the end of 2025, offering long‑term opportunities for traders to build positions ahead of a highly anticipated TGE. With fees now being routed to LLP holders and the treasury, audited contracts live, and integrations across DeFi dashboards, the foundation for sustainable growth is in place.
In the broader CLOB Wars, Lighter has emerged as the most disruptive challenger balancing zero‑fee trading for retail with sustainable monetization from pro traders and market makers. Combined with Tier 1 backers like a16z, Founders Fund, and Dragonfly, Lighter isn’t just another perp DEX—it’s a serious contender for market leadership.
The only question now is: how early will you be when Lighter cements itself as the backbone of onchain high‑frequency trading?