Lighter

Lighter is a decentralized exchange focused on perpetual futures. The feature the project highlights is that order matching and liquidations can be audited with cryptographic proofs; the system runs as a layer-two network based on zero-knowledge proofs and anchored to Ethereum's security, and aims to combine the speed of centralized exchanges with on-chain verifiability. LIT is Lighter's infrastructure token, issued on Ethereum.

According to the official documentation, LIT's functions are built around staking programs. Those who deposit tokens into the LIT Staking Pool receive staking rewards; the right to deposit into the Lighter Liquidity Pool (LLP) is granted only to LIT stakers, and the amount that can be deposited depends on how much LIT is staked. On premium accounts, trading fee and access speed tiers are set according to the staked amount; income from the LIT Fee Credits program is distributed to stakers. The protocol also buys back LIT from the market with its trading fee income.

The course of LIT may depend on trading volume on the platform, the scale of buybacks, competing futures exchanges, token unlocks and the regulatory stance toward leveraged products. The Lighter page on Lzzo.com carries DefiLlama's US dollar reference price; the chart is also built from this source's historical data.