Lighter has officially launched its public mainnet following eight months of private beta, entering the competitive realm of perpetual decentralized exchanges (perp DEX).
The company revealed the launch on October 2. Its platform offers cost-effective, low-latency perpetual trading through custom zero-knowledge (ZK) circuits. These cryptographic frameworks validate transactions without revealing underlying data, allowing for verifiable matching and liquidations.
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Public Launch After Beta
Developed as an Ethereum layer 2 (L2), Lighter merges high-frequency performance with on-chain transparency. The project released audit reports confirming that its smart contracts and ZK infrastructure were externally reviewed. The team claims this design strikes a balance between scalability and security while retaining custody in user hands.
As reported by DefiLlama, the monthly trading volume on perpetual DEXs exceeded $1 trillion for the first time in September, reaching $1.143 trillion, a nearly 50% rise from the previous month.
Several protocols, such as Hyperliquid, Aster, and Lighter, reported over $100 billion in 30-day trading volume, indicating that decentralized derivatives are becoming increasingly significant to on-chain liquidity.
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User Growth, Incentives, and Market Risks
Lighter has concluded its inaugural points season and launched a second season, scheduled to run through late 2025. Deposit limits and referral requirements have been removed, while an invitation-based rewards program continues. Accounts have grown to 188,000, with 50,000 daily active users compared to just 100 during the initial beta phase.
Retail traders are exempt from fees, while API-driven high-frequency firms now incur costs. The protocol has also implemented measures to prevent wash trading and Sybil attacks.
Robinhood CEO Vlad Tenev described Lighter as a significant advancement for decentralized infrastructure. BitMEX founder Arthur Hayes characterized it as an experiment in on-chain high-frequency finance. Supporters believe these features demonstrate growth and sophistication. Analysts at Gate argue that both liquidation transparency and margin efficiency remain inferior to centralized alternatives.
Decentralized perpetuals processed over $2.6 trillion in 2025. This same analysis highlighted ongoing transparency issues. Another report pointed out that daily trading volumes exceeding $100 billion raised discussions on systemic risk. A different study noted that airdrop incentives, including those from Lighter, significantly affect user behavior.
Bitwise’s Max Shannon previously told BeInCrypto that the potential market is already vast and may grow rapidly if DEXs continue to capture market share from centralized exchanges.
“CEXs processed about $16 trillion in the past year. Due to leverage and trading turnover, perp DEX volumes can grow faster than spot trading. If market share increases from 30% to 50%, annual DEX volumes could reach $20 trillion within five years. At a 75% share, they could hit $30 trillion. These projections align with recent trends and are backed by favorable regulation, stablecoin developments, exchange IPOs, and growing institutional engagement,” he stated.
Gate analysts also identified five persistent risks in the sector, including liquidity mirages, hidden costs, and inefficient margin systems. Whether Lighter emerges as a cornerstone of DeFi liquidity or encounters challenges might depend less on its cryptographic design and more on how regulators and traders reconcile speed with trust.
