Perpetual contract trading has always been dominated by a few leading players, but the emergence of Lighter has introduced a new variable to this landscape.

This project applies its self-developed ZKRollup technology on Ethereum Layer 2 to build a decentralized exchange focused on perpetual contracts. At first glance, it seems quite common, but its architecture is quite interesting—achieving a "centralized execution, decentralized verification" trading model. In simple terms, it aims for the trading speed of a CEX while maintaining the transparency of a DEX.

Compared to existing solutions, the differences are evident. A well-known contract trading platform uses off-chain matching, which has a black box feel; some other projects have even built their own L1, but that steps outside the Ethereum ecosystem and loses composability. Lighter opts for a compromise—L1 handles asset custody, while L2 completes trade execution, providing both security and efficiency.

There isn't much information about the team, but their backgrounds indicate solid technical strength. They previously led the development of liquidity engines for a certain DEX ecosystem, transforming complex position management into interactive token formats. This approach is also very applicable to perpetual contracts.

The funding progress has been quite rapid. In November 2025, they completed a $68 million financing round, led by Founders Fund and Ribbit Capital, with Robinhood and others participating as well. The scale of this funding and the strong backing suggest that the market recognizes this direction.