Lighter Is Coming for the Throne
If you were around in late 2024, you remember the Hyperliquid (HYPE) airdrop. It wasn’t just a payday; it was a cultural event in crypto.
It printed generational wealth for users who simply traded on a high-performance chain, effectively resetting the standard for what a perp DEX could be. For a year, Hyperliquid has sat comfortably on the throne, its L1 architecture and builder-centric ecosystem making it seemingly untouchable.
But it’s December 2025, and the winds are changing.
Enter Lighter. If HYPE was the defining airdrop of 2024, Lighter is shaping up to be the heavyweight of 2025. With a $1.5 billion valuation, a war chest of $68 million from tier-1 VCs, and daily volumes that have recently begun to flip Hyperliquid, Lighter isn’t just another competitor, it’s coming for the top spot.
In this deep dive, we’ll tear apart the Lighter protocol, explore the tech stack behind its “verifiable matching,” and compare it head-to-head with Hyperliquid.
Verifiable is the New Trustless
Most DEXs fall into two categories: AMMs (slow, inefficient for perps) and Off-chain Order Books (fast, but opaque). Hyperliquid changed the model with its own L1 to handle onchain order-book throughput.
Lighter takes a different path: it is built as a ZK-Rollup specifically for trading.
1. ZK-CLOB Architecture
Lighter uses a Central Limit Order Book (CLOB), the gold standard for traders. But unlike previous CLOBs, it uses a custom ZK system known as the Order Book Tree.
Every transaction, matches, liquidations, funding updates, is proven using Zero-Knowledge proofs.
Hyperliquid relies on validator consensus.
Lighter relies on math.
This enables Verifiable Matching, meaning users can verify that no front-running or manipulation occurred.
2. Universal Cross Margin
This feature went live in late 2025. Lighter allows assets on Ethereum Layer 1 to be used as collateral without bridging them.
Holding stETH or Aave positions on Ethereum while simultaneously using their value for margin on L2 becomes possible through ZK proofs that lock the L1 state.
This level of capital efficiency is something a standalone L1 like Hyperliquid cannot easily match.
Hyperliquid vs. Lighter
| Feature | Hyperliquid (HYPE) | Lighter (Points/TGE) |
|---|---|---|
| Architecture | Custom Layer 1 (HyperEVM) | ZK-Rollup on Ethereum |
| Consensus | PoS (Validators) | ZK-Proofs |
| Trading Fees | Low (Maker rebates) | Zero Fees (Beta/Promo) |
| Throughput | ~200k TPS | ~200k+ Ops/Sec |
| Ecosystem | Large, multi-product | Focused (Perps, Spot added Dec ‘25) |
| TVL | ~$4.3B | ~$1.2B |
| Daily Volume | ~$10B | ~$12B (Surging) |
| Vibe | “By Builders, For Builders” | “Institutional Grade, Retail Access” |
The Volume Flip
In Q4 2025, Lighter has begun posting daily volume higher than Hyperliquid. The main driver: Zero-Fee Trading, which has attracted high-frequency trading firms.
Lighter also launched spot trading this week (Dec 2025), aiming to compete directly with major CEXs.
Strengths and Weaknesses of Lighter
Strengths
- ZK matching engine with near-CEX performance
- Verifiable fairness (no front-running)
- Capital efficiency via L1 collateral
- Strong momentum and attention
Weaknesses
- Centralized sequencer (for now)
- Weaker community identity compared to Hyperliquid
- Stricter regional compliance due to VC backing
The Lighter Airdrop
Crypto Twitter’s narrative is clear: “Lighter is the HYPE of 2025.” If Lighter pulls the same run as HYPE, it would be at least a 10x from launch.
The Bull Case for a Massive Drop
- Valuation: $1.5B pre-token implies a multi-billion-dollar token launch.
- Backing: Founders Fund and Ribbit usually push for high-valuation, large-supply launches.
- HYPE Precedent: Hyperliquid proved that big community allocations build loyalty; Lighter likely follows the same playbook.
Prediction: The airdrop will be top-heavy. The top 5% of traders may see six-figure rewards, while low-volume sybil farmers may receive much less.
Conclusion: The Window Is Closing
Lighter isn’t a copycat; it’s the next evolutionary step for perp DEXs. If Hyperliquid was the “Solana” of perps, Lighter is the “Rollup Era” realized.
We may be in the last weeks before TGE. If you missed HYPE in 2024, Lighter in 2025 is the next asymmetric opportunity. Even a small allocation in a potential $5B+ FDV token could be meaningful.