Lighter

Lighter (LIT) is a decentralized platform for perpetual contract markets. It runs as a layer-2 network on Ethereum and relies on zero-knowledge proofs for its design. The project presents itself as a fully verifiable exchange built on custom cryptographic infrastructure.

The system generates a proof for each operation, including how orders are matched and how positions are liquidated. Ethereum acts as the base layer where these proofs are checked in public and where changes to the system state are recorded. Deposits and withdrawals also pass through Ethereum.

Its infrastructure is described as built for high throughput, handling very large order volumes with latency measured in milliseconds. The project states that the matching and proving software is tuned to keep operating costs low. It also says the exchange follows a set of rules defined publicly in advance, and its materials mention markets covering crypto, stocks and commodities.