Lighter
Category: AI in Fintech
Lighter is a zero-knowledge rollup on top of Ethereum optimized for speed, throughput and scale that generates ZK proofs of all operations including order matching and liquidations Lighter was founded in 2022. The company is led by Vladimir Novakovski. Based in Miami, Florida, United States. Team size: N/A. Total funding raised: $68M total (all rounds). Latest round: Series B ($68M, November 2025). Key investors include Founders Fund, Ribbit Capital, Haun Ventures, Robinhood, a16z, Coinbase Ventures, Dragonfly, Coatue, Lightspeed Venture Partners, 8VC, Abstract Ventures, SV Angel, CRV.
- Founded
- 2022
- Headquarters
- Miami, Florida, United States
- Team size
- N/A
- Total funding
- $68M total (all rounds)
Value proposition
Offers scalable, secure, and cost-effective decentralized trading through Ethereum Layer 2 infrastructure with zero fees for retail traders, reducing transaction costs and increasing throughput compared to traditional DeFi platforms
Products and solutions
Decentralized perpetual futures trading protocol, zk-rollup-based Ethereum Layer 2 infrastructure, Spot trading (recently added), Trader tools and analytics dashboard
Unique value
Pioneering use of zk-rollup technology in DeFi trading, enabling high-performance decentralized futures markets with near-zero fees and full verifiability of all operations
Target customer
Crypto traders seeking low-cost, high-speed decentralized trading solutions with Ethereum security
Industries served
Decentralized Finance (DeFi), Cryptocurrency trading, Blockchain infrastructure
Technology advantage
Leverages zero-knowledge proofs for scalability while maintaining Ethereum's security guarantees, combined with a team of experts in ML, quantitative finance, and blockchain engineering. Custom ZK circuits for verifiable order matching and liquidations
How they differentiate
Lighter differentiates itself through Ethereum-based zk-rollup technology for transparent, secure, and scalable trading. It emphasizes cryptographic proof of all order executions with zero fees for retail traders, whereas competitors like Hyperliquid use proprietary blockchain infrastructure and Aster leverages Binance's BNB ecosystem
Main competitors
Hyperliquid, Aster, dYdX, GMX
Key partnerships
Ethereum Foundation, Founders Fund, Ribbit Capital, Haun Ventures, Robinhood Ventures, a16z, Coinbase Ventures, Dragonfly, Coatue, Lightspeed Venture Partners
Notable customers
Not disclosed - focuses on retail and institutional traders globally
Major milestones
Launched public mainnet (October 2025), Raised $68M at $1.5B valuation (November 2025), Surpassed $2.84B in perpetual futures volume, Achieved 100M TVL in private beta, Added spot trading functionality (December 2025), Became #2 perpetual DEX by volume
Growth metrics
$279.5 billion in 30-day perpetual trading volume (November 2025), $1.15-1.16 billion in total value locked, 403,000+ users, 20.6% market share in perpetual DEX segment
Market positioning
Positioned as a top 3 perpetual DEX with 20.6% market share, behind Hyperliquid's 25.5%. Known for high volume-to-open-interest ratio (27) compared to competitors, indicating efficient capital utilization
Geographic focus
Global, with primary activity on the Ethereum blockchain. Competes internationally in major crypto markets (USA, EU, Asia) with strong presence in decentralized perpetual futures trading
Patents and IP
Not disclosed publicly (no specific patents mentioned in available sources)
About Vladimir Novakovski
Graduated Harvard at age 18; Former quantitative researcher at Citadel (2005-2011), VP Engineering at Addepar (2011-2014), Head of ML at Quora (2014-2018), Co-founder & CEO of Lunchclub (2018-2022); Extensive experience in AI, fintech, and crypto industries
Official website: https://lighter.xyz