what's lighter?
Lighter is a decentralized perpetual futures trading platform built on Ethereum Layer 2, utilizing custom zero-knowledge (ZK) circuits to enable verifiable order matching and liquidations for enhanced security and scalability. It aims to deliver low-latency, low-cost onchain trading performance comparable to traditional centralized exchanges while maintaining non-custodial and transparent operations. Key features include a points-based rewards system for user activity, pre-launch perpetuals trading for upcoming tokens, and integration with ecosystems like VOOI for expanded liquidity. The platform has achieved significant milestones, such as $1B+ in trading volume pre-token launch and recognition as one of the leading "big four" perp DEXes alongside Hyperliquid, Aster, and edgeX. Lighter's points have seen speculative OTC trading, with prices surging to $600 per point, implying a multi-billion dollar valuation potential for its future token amid narratives around speculative trading and currency debasement trends for 2025-2026. Season 2 introduces trading competitions with prizes valued at $9k-$90k USD based on current OTC prices.
Lighter secured Antifund investment, achieved $1M revenue, 20% APR, and zero downtime.
Links
x.com/lighter_xyzIntegrated with Brighter, a yield optimization protocol built on top of Lighter that allows users to deposit assets into vaults to earn LLP yields and Brighter points while LIT holders earn passive income from fees.
LLP Strategies successfully managed a $50M ARC position liquidation by triggering Auto-Deleveraging (ADL) and capping losses at $75k for holders.
Launched LIT Fee Credits program allowing market makers and HFTs to pay LIT for temporary tier upgrades that provide fee discounts and reduced latency.
shared a TLDR explaining details of ARC-related events on February 26th, 2026
Changed ADL (Auto-Deleveraging) rules, resulting in $7 million in trader losses, alongside experienced servers offline and market ADL events preventing orders.
Whale 0x5F64 deposited 8.39M USDC for a 210M ARC long position worth $20.45M, was liquidated on $7M margin, triggering $20M in automatic deleveraging on February 25th, 2026. Whale withdrew 3.06M USDC with an $8.2M loss.
A large trader liquidated or sold 100 million BTC worth of positions on the Lighter platform.
BTC trading pair experienced a 30% price drop from $67,572 to $47,511 in one minute on February 25, 2026.
Offers perpetual trading with zero retail fees as a ZK-rollup appchain on Ethereum for verifiable order-book perpetuals with sub-second finality.
Recorded a $22M long position on ARC token on the platform.
Experienced 85% platform uptime during the October 10, 2026 crypto market crash with multi-hour service outages. Featured in a1research__ article analyzing top 8 perpetual DEXs during the $19B liquidation event.
Conducts weekly token buybacks using more than 100% of revenue relative to market cap, with total buyback value $350,000.
24-hour perpetuals volume market share (as percentage of total DeFi perps volume) declined from a peak near 60% in mid-December 2025 to approximately 25% as of February 20, 2026.
Added automatic deleveraging (ADL) mechanism to RWA markets, triggering on all full liquidations after a 1% fee, with no insurance fund or LLP backstop.
Launched mobile app for trading.
Conducted ongoing LIT buybacks totaling several million tokens.
Rolled out staking utility on the platform.
Integrated with Planemo, an algorithmic trading platform that supports cross-venue delta-neutral strategies and automated perp trading.
Maintains steady trading volume despite declining open interest.
Integrated with Relay Protocol to enable cross-chain deposits into perps USDC from any asset on any chain in one step.
LIT token staking available on HTX with hourly earnings, instant liquidity, and 6% APY.
Five wallets associated with Justin Sun withdrew 2.6 million LIT tokens (valued at $4.07 million) from Lighter and transferred them to HTX exchange approximately 5 hours before 2026-02-16 00:56 UTC.
Has approximately 400 million tokens in circulating supply with 50% of supply staked.
Supports AZTEC token trading.
Ranks fourth among perpetual DEXs by open interest as of February 25, 2026.
50% of LIT token supply, over 126 million tokens, staked, up from 40% one week prior, as of February 2026, including LLP portion.
Integrated with VOOI as one of the aggregated liquidity venues in VOOI's perps and spot super app.
Launched UTAs (Universal Trading Accounts) feature on the platform.
Implemented unified margins across spot and perpetuals markets between February 10-13, 2026, with unified collateral accounts and risk isolation through separate collateral buckets. Upgraded LLP system to separate collateral into distinct strategy buckets for crypto, FX, and RWA, enabling cross margin for all RWA markets, including Gold and RWA perpetuals.
Offers stock perpetuals for TSLA, NVDA, AAPL, GOOG, and MSTR with 10x leverage.
Struck revenue-sharing deal with Circle on $920M USDC, with platform holding $923M in assets.
Launched Korean equity perpetual futures for Samsung, SK Hynix, Hyundai, and KRCOMP index with 10x leverage on February 12, 2026.
Introduced 15% funding rate rebates for perpetual traders on February 11, 2026, available for LIT stakers or Premium fee tier.
Integrated Pyth Network Pro price feeds to power perpetual markets.
Received $68M investment from Robinhood, partnered with Robinhood, and integrated with Talos and Bitstamp.
Added SOLUSDC trading pair on Pendle Boros with March 27, 2026 maturity.
launched at $2.6B FDV with stronger metrics than Paradex, considered mispriced relative to Hype.
Listed INTC, AMD, and SNDK for trading with 10X leverage.
Listed XCU for trading with 20X leverage.
Distributed airdrop valued at $10,000 at TGE prices, with 250 referrals qualifying for the distribution.
Sponsored Mr. Block Summit on February 10, 2026, in Hong Kong, presenting product roadmap and Season 3 airdrop details.
Received investment from Antifund, a VC co-founded by Jake Paul and Geoffrey Woo.
Increased average maker fee from 0.2 bps to 0.3 bps (50% increase) and average taker fee from 2.00 bps to 2.13 bps (6.5% increase) on February 6th, 2026.
Had zero downtime during the recent market crash period.
crossed $1 million in revenue on 2026-02-05
LLP maintained 20% APR since October 11th.
Listed ARC, PIPPIN, BIRB, and JTO tokens with 3X leverage on February 5, 2026.
Reduced latency to 200ms with no spikes as of February 5, 2026.
Decreased funding rates by 66%.
Achieved $110B in 30-day trading volume.
Charges a 1% liquidation fee on liquidated positions.
Experienced unusual selling activity of approximately 50% of spot ETH inventory, raising concerns about potential unauthorized access or undisclosed market maker arrangements.
Advanced as a finalist in Coinage Media's "Crypto Project of the Year" community-voted celebration alongside seven other blockchain projects.
Integrates with Ethereum DeFi via Lighter EVM, an EVM-compatible rollup, by end of January 2026, enabling Ethereum assets as perpetual futures collateral.
integrated with coinalyzetool
Enables LLP, USDT, and ETH as margin collateral for trading, including a tokenized LLP vault, with LLP positions scheduled for 2026-02-12.
Mentioned as an example of a project that enabled wallet distribution functionality 9 days before its TGE, in a tweet about Opinion Labs' similar airdrop feature.
Reached $1.00B stablecoin supply on the network.
Integrated Chainlink standard for oracle services.
Generated $2M in weekly fees, ranking 6th among protocols and on par with Aerodrome.
Listed XAU trading pair with 20X leverage.
Listed SKR trading pair with 3X leverage.
Listed perpetual futures for SPY and QQQ ETFs with 20x leverage.
Listed perpetual futures for DASH with 10x leverage, DUSK with 5x leverage, and RIVER with 3x leverage.
Develops ZK circuits for permissioned liquidity as a hybrid orderbook-based DEX with custom ZK infrastructure.
Participates in a Trade-and-Earn event on OKX with a combined prize pool of 13.55M FOGO and 150K USDT, co-hosted with FOGO.
Reported FDV of 1.87 and 7-day average volume of 3.6, with FDV/Volume ratio of 0.52 and FDV/OI ratio of 1.3 based on open interest of 1.43, presented as part of a comparative valuation argument claiming undervaluation relative to a competitor.
integrated with HyperSignals platform for execution support, with deployment scheduled to follow Hyperliquid and Pacifica integrations
Listed on Bithumb exchange.
Featured in live discussion on 0xResearch alongside Kaito on January 16, 2026.
Listed on OKX for spot trading with LIT/USDT pair on January 15, 2026 at 15:30 UTC.
Participated in podcast interview with Tom Lee discussing Ethereum, Lighter, and future of finance on 2026-01-15.
Listed on Backpack exchange.
Partners with Jupiter Terminal and Wormhole for integration.
$LIT token is now live on Solana via Sunrise_DeFi.
Requires LIT staking for liquidity pool (LLP) participation.
Rolled out staking for LIT token with initial utility for the ecosystem.
Mobile app launch caused access issues where users cannot access positions through Rabby browser, and the app cannot connect to Rabby wallet.
Launched mobile-exclusive trading competition with 100,000 LIT prize pool starting on 2026-01-15.
Mentioned alongside Uniswap as an example of trading activity contributing to Ethereum's user growth.
Retraced the full 2026 price pump as of January 12, 2026, with commentary suggesting it may become a good buy soon depending on strategy.
Overtaken by EdgeX in perpetual DEX volume rankings, recorded $1.81B 24-hour perpetual futures volume, $731M open interest, and $3.34M liquidations, ranked fourth among perpetual DEXs by 7-day trading volume on February 9, 2026.
Experienced a low-volume day as part of broader crypto activity slowdown.
Added spot trading for AAVE, UNI, LINK, SKY, and LDO tokens on the platform.
Reports funding rates of 10.5% annually for both gold and silver perpetual futures markets.
Ranked as the #1 trending coin on CoinGecko for the week ending 2026-01-09.
Standard accounts currently pay zero maker fees and zero taker fees.
Trading below $2.00 per token is considered favorable entry pricing based on airdrop farming costs of approximately $0.50 per token.
Received investment from Citadel, Robinhood, and Peter Thiel.
Distributed $675M in rewards to farmers last week.
Achieved 58,311.2 TPS (transactions per second), making it the largest contributor to a new Ethereum ecosystem TPS all-time high of 58,786 TPS on January 7, 2026.
Launched Equity Perps with 24/5 trading on mainnet, with 24/7 access scheduled to launch soon.
Generated daily fees of approximately $300,000-$500,000 as of January 6, 2026.
Maintained over $3 billion in daily trading volume after points farming ended.
Reached $6.12 million in open interest for USELESS memecoin on the platform, exceeding other major memecoins including DOGE ($4.65m), PEPE ($5.03m), and TRUMP ($5.3m).
Featured in a "Top 15 Most Interesting Protocols to Watch as We Head into 2026" list alongside major protocols like Polymarket, MegaETH, and Aztec.
Revenue increased sharply on January 2, 2026, following the December 30, 2025 TGE.
Open Interest declined by 1.9% in the period from December 30, 2025 to January 2, 2026.
Has a team of 30 developers.
Predicted by an analyst to become one of three dominant perp DEX venues splitting the market with a 20% market share in 2026.