@pangcangqiong
Lighter, an Ethereum-based zk-rollup perp DEX with verifiable order matching and liquidations, showed strong recovery potential post-2025 launch. Despite early low revenue phases, it rapidly scaled to top-tier status by late 2025, achieving multi-billion daily volumes, $1.4B+ TVL, and high OI through superior UX and liquidity.
Infrastructure positioning: Custom ZK circuits enable CEX-like speed/security on Ethereum L2, targeting retail mass adoption (Robinhood-backed pipeline) and sustainable monetization via quality order flow.
Long-term investment value: $LIT token captures protocol revenue (accrual/buybacks), thriving in maturing DeFi with transparent on-chain economics.
Competition: Triad with Hyperliquid (performance/L1 leader, $800M+ annualized revenue) and Aster; Lighter differentiates via ZK verifiability, Ethereum alignment, and retail distribution edge.
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