How Lighter’s Ethereum L2 Perp DEX Survived a $19B Liquidation Wave
Lighter’s CEO Vladimir Novakovski walks through the aftermath of a $19 billion liquidation storm just ten days after their public mainnet debut. He explains why they built a custom ZK-powered Layer 2 perpetual DEX on Ethereum, how their “escape hatch” mechanism and verifiable order‐matching keep traders safe, and what really went down under extreme stress—ADL vs. LLP, outage timelines, and post-crash make-goods.
Looking forward, Lighter is targeting spot markets, universal cross-margin, and a ZKVM sidecar to expand the platform. Along the way, they share throughput goals, trade-off insights for L2 sovereignty, lessons from the cascade event, and how L2Beat’s staged upgrades fit into their roadmap.
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