Lighter opens public mainnet with Ethereum-settled zk perps

The perp DEX verifies matching and liquidations with custom zero-knowledge circuits and keeps user assets on Ethereum

article-image

saicle/Shutterstock and Adobe modified by Blockworks

share

The perpetuals race has a new entrant in open beta. Lighter has opened its public mainnet after roughly eight months in private testing, positioning itself as an Ethereum-settled alternative to the current leaders.

Under the hood, Lighter is a zk-rollup purpose-built for perps. A centralized sequencer batches orders, but state transitions — price-time-priority matching, liquidations, funding and risk checks — are verified by custom zero-knowledge circuits. Ethereum smart contracts custody user funds, track the canonical state root, and advance state only after a proof verifies on L1. If the sequencer stalls or censors, users can submit priority operations on-chain or exit via an emergency “Desert Mode” that relies on Ethereum data.

That security posture contrasts with Hyperliquid, which runs its own layer-1 secured by its validator set, and with Aster, which currently operates on BNB Chain as a smart-contract. Lighter’s pitch: centralized-style performance, with settlement and finality anchored to Ethereum and fairness enforced by zk proofs.

Lighter is also diverging on fees. Retail traders using the front end pay no trading fees, while API and high-frequency flow is charged. The team says it has enabled automated rules to deter wash-trading and Sybil activity, an attempt to keep points farming from dominating behavior.

By the team’s count, private beta usage reached ~188,000 unique accounts and ~50,000 daily activities. With the public launch, Lighter is starting Season 2 of its points program, which it says is planned to run through the end of 2025. Market watchers naturally read that as a prelude to a token, although the project has not announced any token details.

Loading Tweet..

The launch was heralded by several prominent founders building on Ethereum, including Eigenlayer’s Sreeram Kannan and LayerZero’s Bryan Pellegrino.

The near-term test is whether Lighter can convert flavor-of-the-moment attention into durable open interest and fee revenue — areas where Hyperliquid still leads — while its Ethereum-anchored architecture becomes a deciding factor for capital that prioritizes provable fairness and exit guarantees.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (8).png

Research

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

article-image

BTC finished the week up 1.6%, while L2s, RWAs and the treasury trade continued to grind lower

article-image

DTCC moves DTC-custodied Treasuries onchain via Canton, while Lighter’s LIT launches trading at a fees multiple in Hyperliquid territory

article-image

In the 90s, rapt audiences worldwide watched a coffee pot — will that fascination ever turn to crypto?

article-image

Some systems improve by failing — and crypto has no choice

article-image

Yield Basis introduces an IL-free AMM design that already dominates BTC DEX liquidity

article-image

Maybe tokenholders don’t need the rights that corporate shareholders have come to expect

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Blockworks Research

Unlock crypto's most powerful research platform.

Our research packs a punch and gives you actionable takeaways for each topic.

SubscribeGet in touch

Blockworks Inc.

133 W 19th St., New York, NY 10011

Blockworks Network

NewsPodcastsNewslettersEventsRoundtablesAnalytics