Last time when I recorded a podcast with @RaccoonHKG about HyperLiquid, I casually asked Raccoon to compare the differences between Lighter and HyperLiquid in terms of their products. However, due to time constraints, there was one point we didn’t get to mention or elaborate on: the differences between the founders and their teams. Before HyperLiquid’s product became successful, Jeff, the founder, was relatively unknown. On the other hand, Lighter’s founder, Vlad (Vladimir Novakovski), is quite a well-known serial entrepreneur. Previously, he founded an AI-powered matchmaking platform called Lunchclub (haha, it used professional skills and other info to match people for networking and expanding their professional circles). It received early backing from a16z and raised tens of millions of dollars in funding, making it a star company for a while. Unlike Jeff, who’s a young guy, Vlad was already 36 or 37 years old when he started working on Lighter as a side project with a small team in 2022, focusing on zero-knowledge proof Layer 2 networks and a perp platform. That was also right at the peak of the last crypto cycle. Later, Lunchclub essentially shut down, and the entire team transitioned to working full-time on Lighter. It’s been over three years now. One of Vlad’s co-founders at Lunchclub, Scott Wu (if I remember correctly, he’s an IOI gold medalist), eventually went on to start his own thing, founding Cognition AI, a unicorn in the AI programming space (that’s Devin’s development company). Cognition AI secured over $100 million in funding from major investors like Founders Fund—definitely elite-level stuff. So, unlike HyperLiquid, which has always emphasized not having VC backing, it’s not surprising that Lighter has continued to secure investments from big-name funds and prominent investors like Founders Fund this time around. Of course, Vlad has always highlighted his years of experience working at hedge funds like Citadel, similar to how Jeff emphasizes his trading expertise. But it’s clear that the two teams have very different styles and approaches.