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: 11-50. Total funding raised: ~$89M total ($21M in 2024 + $68M Series B in Nov 2025). Latest round: Series B. Key investors include Founders Fund, Ribbit Capital, Haun Ventures, Craft Ventures, Robinhood, Dragonfly, Robot Ventures, a16z, Coinbase Ventures, Coatue, Lightspeed Venture Partners.
- Founded
- 2022
- Headquarters
- Miami, Florida, United States
- Team size
- 11-50
- Total funding
- ~$89M total ($21M in 2024 + $68M Series B in Nov 2025)
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 (zkLighter), Custom zk-rollup Ethereum L2 with verifiable matching and liquidations, Spot trading, LIT governance/utility token (TGE Dec 2025), Robinhood Wallet / Robinhood Chain perps deployment, Lighter EVM (in development with Axiom), 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
Robinhood (Wallet perpetuals integration + strategic investment), Axiom (Lighter EVM / OpenVM collaboration)
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
As of Aug 2026 (DeFiLlama): ~$34B 30-day perp volume, ~$523M TVL, ~$857M open interest, ~$1.735T cumulative perp volume, ~$68M annualized protocol revenue, LIT market cap ~$520M / FDV ~$2.1B; ~9k daily active addresses
Market positioning
Top-tier Ethereum zk-rollup perpetual DEX competing with Hyperliquid and Aster. Peaked near #1–2 by volume around Nov–Dec 2025 TGE ($200B+ 30d volume); by mid-2026 volumes normalized (~$34B/30d) while remaining a major perp venue with LIT live and Robinhood distribution
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
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Official website: https://lighter.xyz