Lighter

Lighter is a decentralized trading platform focused on security and scale, operating as a custom Layer-2 network on Ethereum. Founded in 2022 by Vladimir Novakovski, a former engineer at Citadel, the company is headquartered in Miami, United States. Novakovski's background in high-frequency trading informed the development of a platform designed to deliver institutional-grade performance within a decentralized framework.

The platform's core product is a decentralized exchange (DEX) for perpetual futures, which allows traders to speculate on the future price of assets without an expiry date. Lighter distinguishes itself by using zero-knowledge (ZK) rollups, a cryptographic method that bundles transactions off-chain and provides a succinct proof of their validity on the Ethereum mainnet. This architecture enables verifiable order matching and liquidations, ensuring all operations are transparent and auditable while achieving low latency and high throughput suitable for high-frequency trading. The system consists of a private sequencer for ordering transactions, a prover for generating ZK proofs, and smart contracts on Ethereum for settlement and security.

Lighter's business model targets both retail and institutional traders. It offers zero-fee trading for retail users and generates revenue by charging premium API fees to high-frequency and institutional traders. The exchange supports deposits from multiple networks, including Arbitrum, Base, and Avalanche. In November 2025, Lighter raised $68 million in a funding round co-led by Founders Fund and Ribbit Capital, with participation from Haun Ventures and Robinhood, reaching a valuation of $1.5 billion. This brought its total funding to nearly $90 million. The company plans to expand its services to include spot trading.

Keywords: decentralized exchange, perpetual futures, ZK-rollup, layer-2, order book, crypto trading, high-frequency trading, Vladimir Novakovski, Ethereum, DeFi, verifiable matching, low latency trading, institutional crypto, Founders Fund, Ribbit Capital, Haun Ventures, blockchain infrastructure, zero-knowledge proof, financial applications, Arbitrum, derivatives trading