Lighter ($LIT) In-Depth Research Report

1. Executive Summary

Lighter is the most authentic Ethereum-based ZK-Rollup perpetual contract exchange, featuring "Fully on-chain verifiability + zero retail fees + CEX-level performance," aiming directly at the ultimate tokenization of RWA through DeFi and TradFi integration.
The token $LIT will TGE on December 30, 2025, with a 25% community airdrop (points 1:20 exchange). On its first day of listing, it was approximately $2.6, with the latest price on December 31 at $2.90, a circulating market cap of $725 million, and an FDV of $2.9 billion.
Impressive core data: 24h trading volume of $7.5 billion (already surpassing Aster), 30-day cumulative trading volume of $200 billion, TVL and OI both around $1.4 billion, with an annualized protocol revenue of about $100 million.
Top-tier endorsements (a16z, Founders Fund, Ribbit Capital), Vitalik personally praises ZK proof efficiency, and the X community unanimously believes in its long-term technological moat.

2. Core Technology and Positioning Highlights

"Ethereum’s security + custom ZK circuits achieve B* level speed + fully on-chain verifiability"

Every order, cancellation, and liquidation is 100% proven on Ethereum L1.

Single ZK proof cost ≈ $0.0001, with millisecond-level finality.

Retail users pay 0 taker fees; all revenue comes from HFT and market makers.

Native mobile app (Pro / Light dual modes).

Future roadmap: RWA derivatives, options, dark pools, Aave position collateralization, etc.

3. Latest Core Data Overview (see Figure 1)

4. Comparison of Leading Perp DEX Competitors by End of 2025 (see Figure 2)

Conclusion: Lighter’s 30-day trading volume has surpassed Hyperliquid and Aster, ranking first alongside them, with highly efficient revenue (revenue/TVL ratio close to Hyperliquid), and the deepest technological moat.

5. Token Economics (see Figure 3)

Token use cases: staking LLP protocol income + buyback and burn + future governance (activated after 2 years).

6. Final Conclusion

Leveraging Ethereum ZK-Rollup technology barriers, a retail-friendly zero-fee model, and top-tier institutional endorsements, Lighter has become a core competitor in the perpetual DEX sector. Its 30-day trading volume has already overtaken leading competitors like Hyperliquid, and it has long-term growth potential in the RWA tokenization track. The $LIT FDV is expected to exceed $3 billion.

For investors, key factors to monitor include the implementation of the token buyback mechanism, progress in RWA integration, and regulatory policy developments to assess the project’s long-term value; meanwhile, the project team needs to address liquidity accumulation and technical scalability to further narrow the revenue gap with Hyperliquid and solidify its market position.

$LIT