TLDR
- Lighter is a zk-powered perp DEX that recently surged past $2 billion in daily volume while still in closed beta, drawing attention as a potential challenger to Hyperliquid.
- Innovative features to come include LLP margin utility, allowing users to both earn yield and trade using the same capital - something Hyperliquid does not currently offer.
- Skepticism surrounds Lighter's volume metrics, with a high volume/open interest ratio of around 27 at the time of writing, suggesting wash trading or incentive-driven activity.
- Despite the criticism, early users report a positive experience, and Lighter is seen as a promising entrant that doesn’t need to “beat” Hyperliquid to succeed. For on-chain traders, Lighter offers zero fees and strong incentives, making it a worthwhile venue to test.
