Lighter has a strong ZK verifiable CLOB perpetual DEX design, but the balance between free trading growth, premium revenue, LLP losses, and governance transparency is decisive.
Investment View
This Lighter economic analysis evaluates order book UX, Ethereum anchoring, proof costs, LIT utility, LLP backstop design, and governance discretion risk.
Lighter shows strong volume, revenue, and Ethereum settlement design, but public ZK performance metrics and governance decentralization remain maturity tests.
Investment View
The Lighter MAT report pairs expanding perp DEX metrics with unresolved proof transparency and governance maturity gaps.