Lighter is a ZK-based perp DEX enabling verifiable order matching and liquidations on Ethereum.

Lighter is a ZK-powered perpetual DEX built on Ethereum that focuses on cryptographically verifiable order matching and liquidations, aiming to deliver exchange-grade speed while maintaining non-custodial security and transparent execution. Its docs describe a trading system designed for scale and fairness, and the protocol matured from private beta (Season 1 ending on Sep 30, 2025) to a public mainnet launch in early October 2025. Lighter later introduced the LIT token with a 1B max supply and a split allocation between ecosystem incentives and long-vesting insiders.