lighter04

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.

Snapshot

Lighter secured Antifund investment, achieved $1M revenue, 20% APR, and zero downtime.

5H ago
PARTNERSHIP

Integrated 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.

1D ago
RISK ALERT

LLP Strategies successfully managed a $50M ARC position liquidation by triggering Auto-Deleveraging (ADL) and capping losses at $75k for holders.

TOKEN ECONOMICS

Launched LIT Fee Credits program allowing market makers and HFTs to pay LIT for temporary tier upgrades that provide fee discounts and reduced latency.

VISIBILITY EVENT

shared a TLDR explaining details of ARC-related events on February 26th, 2026

2D ago
RISK ALERT

Changed ADL (Auto-Deleveraging) rules, resulting in $7 million in trader losses, alongside experienced servers offline and market ADL events preventing orders.

WHALE ACTIVITY

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.

WHALE ACTIVITY

A large trader liquidated or sold 100 million BTC worth of positions on the Lighter platform.

MARKET ACTIVITY

BTC trading pair experienced a 30% price drop from $67,572 to $47,511 in one minute on February 25, 2026.

MARKET ACTIVITY

Offers perpetual trading with zero retail fees as a ZK-rollup appchain on Ethereum for verifiable order-book perpetuals with sub-second finality.

ONCHAIN METRICS

Recorded a $22M long position on ARC token on the platform.

3D ago
RISK ALERT

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.

TOKEN ECONOMICS

Conducts weekly token buybacks using more than 100% of revenue relative to market cap, with total buyback value $350,000.

1W ago
ONCHAIN METRICS

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.

TECH EVENT

Added automatic deleveraging (ADL) mechanism to RWA markets, triggering on all full liquidations after a 1% fee, with no insurance fund or LLP backstop.

TECH EVENT

Launched mobile app for trading.

TOKEN ECONOMICS

Conducted ongoing LIT buybacks totaling several million tokens.

TECH EVENT

Rolled out staking utility on the platform.

PARTNERSHIP

Integrated with Planemo, an algorithmic trading platform that supports cross-venue delta-neutral strategies and automated perp trading.

ONCHAIN METRICS

Maintains steady trading volume despite declining open interest.

PARTNERSHIP

Integrated with Relay Protocol to enable cross-chain deposits into perps USDC from any asset on any chain in one step.

MARKET ACTIVITY

LIT token staking available on HTX with hourly earnings, instant liquidity, and 6% APY.

WHALE ACTIVITY

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.

TOKEN ECONOMICS

Has approximately 400 million tokens in circulating supply with 50% of supply staked.

MARKET ACTIVITY

Supports AZTEC token trading.

2W ago
MARKET ACTIVITY

Ranks fourth among perpetual DEXs by open interest as of February 25, 2026.

ONCHAIN METRICS

50% of LIT token supply, over 126 million tokens, staked, up from 40% one week prior, as of February 2026, including LLP portion.

PARTNERSHIP

Integrated with VOOI as one of the aggregated liquidity venues in VOOI's perps and spot super app.

TECH EVENT

Launched UTAs (Universal Trading Accounts) feature on the platform.

TECH EVENT

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.

MARKET ACTIVITY

Offers stock perpetuals for TSLA, NVDA, AAPL, GOOG, and MSTR with 10x leverage.

PARTNERSHIP

Struck revenue-sharing deal with Circle on $920M USDC, with platform holding $923M in assets.

MARKET ACTIVITY

Launched Korean equity perpetual futures for Samsung, SK Hynix, Hyundai, and KRCOMP index with 10x leverage on February 12, 2026.

TOKEN ECONOMICS

Introduced 15% funding rate rebates for perpetual traders on February 11, 2026, available for LIT stakers or Premium fee tier.

PARTNERSHIP

Integrated Pyth Network Pro price feeds to power perpetual markets.

PARTNERSHIP

Received $68M investment from Robinhood, partnered with Robinhood, and integrated with Talos and Bitstamp.

MARKET ACTIVITY

Added SOLUSDC trading pair on Pendle Boros with March 27, 2026 maturity.

OPINION SPECULATION

launched at $2.6B FDV with stronger metrics than Paradex, considered mispriced relative to Hype.

MARKET ACTIVITY

Listed INTC, AMD, and SNDK for trading with 10X leverage.

MARKET ACTIVITY

Listed XCU for trading with 20X leverage.

FINANCIAL EVENT

Distributed airdrop valued at $10,000 at TGE prices, with 250 referrals qualifying for the distribution.

VISIBILITY EVENT

Sponsored Mr. Block Summit on February 10, 2026, in Hong Kong, presenting product roadmap and Season 3 airdrop details.

3W ago
PARTNERSHIP

Received investment from Antifund, a VC co-founded by Jake Paul and Geoffrey Woo.

TOKEN ECONOMICS

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.

TECH EVENT

Had zero downtime during the recent market crash period.

ONCHAIN METRICS

crossed $1 million in revenue on 2026-02-05

ONCHAIN METRICS

LLP maintained 20% APR since October 11th.

MARKET ACTIVITY

Listed ARC, PIPPIN, BIRB, and JTO tokens with 3X leverage on February 5, 2026.

TECH EVENT

Reduced latency to 200ms with no spikes as of February 5, 2026.

TOKEN ECONOMICS

Decreased funding rates by 66%.

ONCHAIN METRICS

Achieved $110B in 30-day trading volume.

TOKEN ECONOMICS

Charges a 1% liquidation fee on liquidated positions.

RISK ALERT

Experienced unusual selling activity of approximately 50% of spot ETH inventory, raising concerns about potential unauthorized access or undisclosed market maker arrangements.

1M ago
VISIBILITY EVENT

Advanced as a finalist in Coinage Media's "Crypto Project of the Year" community-voted celebration alongside seven other blockchain projects.

TECH EVENT

Integrates with Ethereum DeFi via Lighter EVM, an EVM-compatible rollup, by end of January 2026, enabling Ethereum assets as perpetual futures collateral.

PARTNERSHIP

integrated with coinalyzetool

TECH EVENT

Enables LLP, USDT, and ETH as margin collateral for trading, including a tokenized LLP vault, with LLP positions scheduled for 2026-02-12.

VISIBILITY EVENT

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.

ONCHAIN METRICS

Reached $1.00B stablecoin supply on the network.

PARTNERSHIP

Integrated Chainlink standard for oracle services.

ONCHAIN METRICS

Generated $2M in weekly fees, ranking 6th among protocols and on par with Aerodrome.

MARKET ACTIVITY

Listed XAU trading pair with 20X leverage.

MARKET ACTIVITY

Listed SKR trading pair with 3X leverage.

MARKET ACTIVITY

Listed perpetual futures for SPY and QQQ ETFs with 20x leverage.

MARKET ACTIVITY

Listed perpetual futures for DASH with 10x leverage, DUSK with 5x leverage, and RIVER with 3x leverage.

TECH EVENT

Develops ZK circuits for permissioned liquidity as a hybrid orderbook-based DEX with custom ZK infrastructure.

FINANCIAL EVENT

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.

OPINION SPECULATION

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.

PARTNERSHIP

integrated with HyperSignals platform for execution support, with deployment scheduled to follow Hyperliquid and Pacifica integrations

MARKET ACTIVITY

Listed on Bithumb exchange.

VISIBILITY EVENT

Featured in live discussion on 0xResearch alongside Kaito on January 16, 2026.

MARKET ACTIVITY

Listed on OKX for spot trading with LIT/USDT pair on January 15, 2026 at 15:30 UTC.

VISIBILITY EVENT

Participated in podcast interview with Tom Lee discussing Ethereum, Lighter, and future of finance on 2026-01-15.

MARKET ACTIVITY

Listed on Backpack exchange.

PARTNERSHIP

Partners with Jupiter Terminal and Wormhole for integration.

MARKET ACTIVITY

$LIT token is now live on Solana via Sunrise_DeFi.

TOKEN ECONOMICS

Requires LIT staking for liquidity pool (LLP) participation.

TOKEN ECONOMICS

Rolled out staking for LIT token with initial utility for the ecosystem.

RISK ALERT

Mobile app launch caused access issues where users cannot access positions through Rabby browser, and the app cannot connect to Rabby wallet.

FINANCIAL EVENT

Launched mobile-exclusive trading competition with 100,000 LIT prize pool starting on 2026-01-15.

VISIBILITY EVENT

Mentioned alongside Uniswap as an example of trading activity contributing to Ethereum's user growth.

OPINION SPECULATION

Retraced the full 2026 price pump as of January 12, 2026, with commentary suggesting it may become a good buy soon depending on strategy.

ONCHAIN METRICS

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.

ONCHAIN METRICS

Experienced a low-volume day as part of broader crypto activity slowdown.

MARKET ACTIVITY

Added spot trading for AAVE, UNI, LINK, SKY, and LDO tokens on the platform.

ONCHAIN METRICS

Reports funding rates of 10.5% annually for both gold and silver perpetual futures markets.

VISIBILITY EVENT

Ranked as the #1 trending coin on CoinGecko for the week ending 2026-01-09.

MARKET ACTIVITY

Standard accounts currently pay zero maker fees and zero taker fees.

OPINION SPECULATION

Trading below $2.00 per token is considered favorable entry pricing based on airdrop farming costs of approximately $0.50 per token.

PARTNERSHIP

Received investment from Citadel, Robinhood, and Peter Thiel.

FINANCIAL EVENT

Distributed $675M in rewards to farmers last week.

ONCHAIN METRICS

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.

TECH EVENT

Launched Equity Perps with 24/5 trading on mainnet, with 24/7 access scheduled to launch soon.

ONCHAIN METRICS

Generated daily fees of approximately $300,000-$500,000 as of January 6, 2026.

ONCHAIN METRICS

Maintained over $3 billion in daily trading volume after points farming ended.

ONCHAIN METRICS

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).

VISIBILITY EVENT

Featured in a "Top 15 Most Interesting Protocols to Watch as We Head into 2026" list alongside major protocols like Polymarket, MegaETH, and Aztec.

ONCHAIN METRICS

Revenue increased sharply on January 2, 2026, following the December 30, 2025 TGE.

ONCHAIN METRICS

Open Interest declined by 1.9% in the period from December 30, 2025 to January 2, 2026.

TEAM UPDATE

Has a team of 30 developers.

OPINION SPECULATION

Predicted by an analyst to become one of three dominant perp DEX venues splitting the market with a 20% market share in 2026.