Lighter

LIT is the token of Lighter, an exchange for perpetual futures built on Ethereum.

Lighter is a decentralised exchange built as a zk-rollup on Ethereum. Trades are matched off-chain, and cryptographic proofs of each batch are checked on Ethereum, where deposits are held, so users can always withdraw through Ethereum. Its main product is perpetual futures: contracts that track a price without delivery, traded with leverage of up to 50x on major coins. It also offers spot trading and leveraged contracts on forex, gold, stocks and pre-IPO companies.

Ordinary accounts trade with no fees. Premium accounts for fast, high-frequency traders pay small maker and taker fees, and nearly all of Lighter's revenue comes from perpetual futures: about $62 million in the year to September 2026, according to DefiLlama. The Terms of Service bar users in the United States, Canada, the UK, China, Russia and Ukraine.

LIT, the Lighter Infrastructure Token, launched on 30 December 2025 with a fixed supply of 1 billion. Half went to the ecosystem, including a 25% airdrop to early users, 26% to the team and 24% to investors; team and investor tokens are locked for a year and then vest over three years. Lighter uses trading fees to buy back LIT and said in mid-2026 that bought-back tokens are burned.

Stakers of LIT get lower fees on premium accounts, access to the Lighter Liquidity Pool (up to 10 USDC per staked LIT) and a fixed 6% yearly reward. Lighter was founded in 2022 by Vladimir Novakovski. It raised $68 million in November 2025 at a valuation of about $1.5 billion from investors including Founders Fund, Ribbit Capital, Haun Ventures and Robinhood.