Hyperliquid Rival Lighter Goes Live on Ethereum L2

Lighter, a decentralized perpetuals trading platform positioned as a competitor to Hyperliquid, has launched its Ethereum Layer 2 public mainnet following eight months of private beta testing.

According to the X post, the protocol offers low-cost, low-latency perpetual trading powered by custom zero-knowledge (ZK) circuits, which enable verifiable order matching and liquidations. Designed to replicate the speed and efficiency of high-frequency finance, Lighter aims to deliver an exchange-grade experience directly onchain.

Since opening in beta to just 100 traders, Lighter has grown to over 188,000 unique accounts and more than 50,000 daily active users. Retail traders using the front end can continue trading without fees, while API trading, market makers, and high-frequency trading (HFTs) are now subject to fees. The protocol has also implemented rules to automatically block wash trading and Sybil attacks.

Looking ahead, the team says it plans to expand composability with Ethereum DeFi and other L2 ecosystems, reinforcing its push to become a core player in the onchain derivatives market.

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