Lighter is now the #2 perp DEX by trading volume, right after Hyperliquid. Why? Two key reasons: First, Lighter is an Ethereum zk-rollup, purpose built for perps. The pitch: Don’t trust, verify. Every order match and liquidation comes with a zk-SNARK proof you can check onchain. This matters because most orderbook DEXs ask you to trust the engine. With Lighter, price time priority is enforced cryptographically: if you had the top bid, you get filled before someone who came later. If you get liquidated, the rules were followed. Correct me if I'm wrong here, that makes it different from Hyperliquid. Hyperliquid is already winning on liquidity and adoption, but it is its own L1 and Lighter is more Ethereum aligned rollup.*** On HL you see who got filled at top of book with timestamps after the fact. You get transparent fills but not a proof guarantee of queue fairness. ----- Second part of the growth is straight forward: no taker and maker fees. So it is not fair to compare volumes at this stage. Still, they need to attract users and liquidity, and make them stick. That's the hard part. In any case, the tech is unique. As I missed HYPE airdrop and trading volumes/mindshare on X are growing, I don't want to miss it. With points and private beta access code REQUIRED, it’s a clear asymmetric bet. I've got limited invites so try it here: https://app.lighter.xyz/trade/ETH?referral=UG8FX6VFVGUW Disclaimer: It's not a sponsored post so plsss use my referral so we can all get rich from the airdrop.(Ignas | DeFi)