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Lighter
Lighter runs a ZK-proved order book where the matching engine itself is proven correct, so users can verify they were not front-run or mis-filled. Trading is currently fee-free for retail, which has driven very large volume.
$539.56M
Open interest
$845.88M
24h volume
216
Live markets
25s ago
Last refresh
polled live
Mechanics
How it works
The sequencer matches orders and produces a validity proof of correct execution, posted to Ethereum. Because matching is proven rather than trusted, the operator cannot reorder or censor fills undetectably.
Risk
What to watch
Zero fees mean revenue must come from elsewhere, so the fee schedule may change. The system is young and the prover stack is complex.
Incentives
Points and tokens
Lighter Points (post-TGE season)active
Lighter has completed its first token generation event, so rewards here are no longer speculative: the token trades and can be priced. Points continue to accrue on a season whose terms and conversion rate are not published.
How to earn Trade to accrue volume-weighted points, with maker activity weighted above taker. The current season is undisclosed, so the rate and the eventual conversion are both unknown; size positions on the trading merits rather than on an assumed payout.
Markets
What Lighter lists
Deepest first.