Lighter

Lighter operates a decentralized trading platform built on a custom application-specific zero-knowledge rollup on top of Ethereum. The system generates ZK proofs for all operations, including order matching and liquidations, so that execution follows a publicly predefined rule set that can be verified on Ethereum. Deposits, withdrawals and state changes settle on Ethereum, and the company states users retain withdrawal rights even if the rollup goes offline.

The platform supports perpetual futures trading and, per the CEO, planned to add spot trading for tokens such as Bitcoin. Documented product areas include unified trading accounts, order types and matching, real world assets (RWAs), perpRFQ, public pools, prelaunch markets, liquidations and an insurance fund (LLP), multi-asset margin, funding, fair price marking and self-trade prevention, alongside an API, referral, liquidity partner and points programs and an LIT token utility section. The platform is accessible at app.lighter.xyz and lighter.exchange.

Lighter is described as both a decentralized exchange and a blockchain; unlike Hyperliquid, which runs its own layer 1, Lighter runs as a layer 2 on Ethereum, which the CEO cites as a key differentiator. Fortune reported that Lighter's chain had become one of the top Ethereum layer 2s by total value locked according to L2BEAT, and that the business was already profitable.

Founding story

Vladimir Novakovski, who immigrated from Russia to the U.S. as a child, competed on U.S. national teams for the International Olympiads in informatics and physics, entered Harvard at 16, graduated early, and began working at hedge fund Citadel Investment Group at 18 after being recruited by Ken Griffin. Following roughly 15 years as an engineer and trader, he co-founded Lunchclub in 2017 with Scott Wu and Hayley Leibson, an AI-powered social networking platform that raised about $30 million. When growth plateaued in 2022, Novakovski pivoted the company from AI to crypto, retaining about 80% of the team, and founded Lighter in 2022.

Business model

Lighter operates a trading venue that charges zero fees to retail traders and competitive fees to high-frequency traders, with matching and proving infrastructure optimized for low cost. The November 2025 financing was structured as equity plus token warrants for a yet-to-be-released cryptocurrency, and the company documents an LIT token utility.

Trading fees, with zero fees for retail traders and lower, competitive fees charged to high-frequency traders; the CEO stated the business is profitable.

Traction

The exchange launched in January 2025 after two years of development. Reported figures include over 650,000 transactions per second processing capability and $73.77 billion in weekly perpetual trading volume, which one report said surpassed Aster and Hyperliquid. The CEO said the business is profitable.

Latest developments

In November 2025 Lighter announced a $68 million round led by Founders Fund and Ribbit Capital with participation from Haun Ventures and Robinhood, reported at a valuation of around $1.5 billion. The company said it plans to launch spot trading, including for Bitcoin, and has signaled a community airdrop of up to 30% of token supply alongside a token generation event.