Lighter’s ZK-based Ethereum Layer 2 DEX weathered a $19 billion liquidation storm just days after launching, thanks to its trader-first design and verifiable, on-chain escape hatch. Founder Vlad Novakovski breaks down why immutable proofs—rather than vibes—govern order matching and liquidations, how automated deleveraging compares to loss-socialization, and why they built custom ZK circuits instead of a generic ZKVM.
On the roadmap: spot trading, universal cross-margin, and a ZKVM sidecar to broaden the platform while juggling L2 trade-offs like sovereignty and incentives. Key lessons: stress tests reveal real-world bottlenecks, “stage upgrades” keep upgrades modular, and transparency with proofs wins trust in extreme markets.
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