Lighter opens public mainnet with Ethereum-settled zk perps

Lighter has launched its public mainnet after eight months of private testing, offering a new Ethereum-settled perpetuals DEX alongside current leaders. It utilizes a centralized sequencer to batch orders, yet relies on custom zero-knowledge circuits for verifying state transitions such as liquidations and risk assessments. User funds are held in smart contracts on Ethereum, ensuring settlement and finality are anchored to the network. Unlike peers operating on separate chains, Lighter aims to provide centralized performance with Ethereum’s security. It charges no trading fees for retail traders but implements fees for API and high-frequency users to mitigate wash trading. The private beta saw significant engagement, hinting at future token plans as it embarks on a points program for user incentive. The launch has garnered attention from notable Ethereum founders, and the challenge will be to convert this momentum into sustained user interest and revenue in a competitive landscape dominated by Hyperliquid.

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