Lighter

Lighter is a decentralized trading platform focused on derivatives and perpetual contracts, built on the Ethereum ecosystem and described as originating in the United States. It aims to give traders an exchange experience comparable to centralized platforms while preserving on-chain verifiability, meaning anyone can confirm that order matching and liquidations were carried out correctly. The platform targets traders who want the performance of a traditional exchange without relying on a central operator to custody funds or execute orders.

Lighter operates as a decentralized exchange application with no separate consensus algorithm of its own, relying instead on the underlying Ethereum network for settlement. The protocol uses verifiable order matching, meaning the logic that decides which trades execute and which positions get liquidated can be confirmed by outside parties rather than taken on trust. The LIT token is classified as the native token of this application, and on-chain data associates its fundamental basis with the Lighter Bridge infrastructure, though the precise governance or utility mechanics of LIT within the protocol are not detailed in the available data.

Lighter collected 3,978,631 USD in fees over the trailing 30 days, which annualizes to approximately 48,406,677 USD based on that same period. Of the 2,794,480 USD in protocol revenue recorded over the trailing 30 days, holders of the token received 2,352,893 USD while the supply side — liquidity providers and similar counterparties — received 1,184,151 USD over the same period. The protocol retained roughly 70.2 percent of gross fees as revenue over the trailing 30 days, a figure described as the take rate. Fees are paid by traders using the platform, and the split between the protocol and its liquidity providers is reflected in those 30-day revenue figures.