Quick Breakdown
- Lighter mainnet goes live on Ethereum L2 with custom ZK circuits powering low-cost, high-speed perpetual trading.
- Over 188,000 accounts and 50,000 daily active users mark strong adoption, with no more deposit caps or referral restrictions.
- Smart contracts audited, new Points Program Season 2 launched, alongside strict rules against wash trading and Sybil attacks.
Lighter, a decentralized perpetuals exchange, has officially launched its public mainnet after eight months of private beta. Built on Ethereum Layer 2 with custom zero-knowledge (ZK) circuits, the protocol offers low-cost, low-latency trading designed to bring high-frequency finance performance to onchain markets.
During its closed testing phase, Lighter grew from 100 traders to more than 188,000 unique accounts, with over 50,000 daily active users. The exchange now removes previous deposit caps and referral restrictions, allowing open access while continuing its invite incentive program.
Lighter will always be free for the retail trader using the front end for low frequency or mid frequency trading. We have started enabling fees for API trading, including market makers and HFTs. We have also implemented rules to automatically ban wash trading and Sybil attacks.
— Lighter (@Lighter_xyz) October 1, 2025
ZK circuits, audits, and security
The exchange operates on custom ZK circuits that enable verifiable matching and liquidation processes, ensuring transparency in order execution. Smart contracts and circuits have been audited, with security reports published on Lighter’s documentation portal. A new Block Explorer has also been released to give users a complete view of trading activity and order flow across the protocol.
In addition, Lighter has implemented measures to prevent market manipulation, including automated bans on wash trading and Sybil attacks. While retail traders will continue to trade without front-end fees, fees have been introduced for API-based trading by market makers and high-frequency traders.
Community growth and points program
The first season of the Lighter Points Program has concluded, with the second season now underway and running through the end of 2025. Community members can earn points through trading and referral activities, with more details expected in the coming days.
The platform is now integrated into dashboards such as DefiLlama and Artemis, while community-created analytics on Dune track exchange performance. With its mainnet launch, Lighter positions itself as a serious contender in decentralized derivatives, combining exchange-grade speed with Ethereum-based transparency.
The launch comes as rivals also accelerate in the space. Synthetix is preparing to debut its own perpetual DEX on Ethereum mainnet in Q4 2025, beginning with a $1 million trading competition to stress-test its infrastructure.
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