Inside Lighter’s Plan to Overtake Hyperliquid | Vladimir Novakovski | Empire

Vlad Novakovski, founder of Lighter, discusses the evolution of perpdexes and why he chose to build Lighter as an ETH L2 instead of an L1. Vlad emphasizes Lighter's focus on solving the critical problem of digital assets being traded in a centralized manner, which doesn't improve upon TradFi. He highlights Lighter's competitive advantages: low latency (200 milliseconds), low cost (processing 500 million orders a day for under $50k USD), security, verifiability, and composability. Vlad also shares his experience working with Ken Griffin and discusses his relationship with Vlad Tenev from Robinhood, including potential partnerships to bring tokenized stocks to crypto-native traders and decentralized perps to TradFi customers.

Outlines

Part 1: Background and Transition to Crypto

Part 2: The Problem with Centralization and the Perpdex Solution

Part 3: Technical Architecture and Ethereum Alignment

Part 4: Lighter’s Core Tech and ZK Innovation

Part 5: Strategic Partnerships and TradFi Integration

Part 6: Tokenomics, Valuation, and Future Outlook

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Inside Lighter’s Plan to Overtake Hyperliquid | Vladimir Novakovski

Empire

Part 1: Background and Transition to Crypto

Hyperliquid's Impact and Vlad's Background: From Lunch Club to Lighter

Lessons from Lunch Club and Vlad's Move to Crypto

Crypto's Appeal: Building a More Efficient and Transparent Financial System

Part 2: The Problem with Centralization and the Perpdex Solution

Lessons from Ken Griffin and the Problem with Centralized Crypto Exchanges

Why Start with a Perpdex? Customer Adoption and Core Tech

The Evolution of Perpdexes: Product-Market Fit and Competitive Exchanges

Part 3: Technical Architecture and Ethereum Alignment

Hyperliquid's Strengths and Weaknesses: Building on Ethereum for Broader Connectivity

Ethereum L2 vs. L1: Security, TVL, and TradFi Trust

Integrations with DeFi Players and Lighter's Competitive Edge

Part 4: Lighter’s Core Tech and ZK Innovation

Low Latency, Low Cost, and Verifiability: Lighter's Core Advantages

ZK Innovations: In-House Expertise and Focus on Market Needs

ZK Circuits for Finance: Efficiency, Customization, and the EVM Sidecar

Part 5: Strategic Partnerships and TradFi Integration

Vlad's Connection to Robinhood's Vlad Tenev: High School and HFT Roots

Coinbase and Robinhood's Investment: DeFi's Power and TradFi Integration

Potential Partnership with Robinhood: Bringing Equities to Crypto and Vice Versa

Equity Perps on Lighter: Bridging the Gap Between Retail and Institutions

The Competitive Advantage of US Institutions and Technical Alignment

Part 6: Tokenomics, Valuation, and Future Outlook

Lessons from the Token Launch: Price Action and Long-Term Value Creation

Lighter vs. Hyperliquid Valuation: Revenue, Growth, and Startup Mindset

Value Accrual to LITT Holders and Hypothetical Acquisition Scenario

The Future of Capital Markets: TradFi's Embrace of Crypto Technologies

Inside Lighter’s Plan to Overtake Hyperliquid | Vladimir Novakovski

Empire

Part 1: Background and Transition to Crypto

00:00Hyperliquid's Impact and Vlad's Background: From Lunch Club to Lighter

Hyperliquid's Impact and Vlad's Background: From Lunch Club to Lighter

01:15Lessons from Lunch Club and Vlad's Move to Crypto

Lessons from Lunch Club and Vlad's Move to Crypto

03:56Crypto's Appeal: Building a More Efficient and Transparent Financial System

Crypto's Appeal: Building a More Efficient and Transparent Financial System

Part 2: The Problem with Centralization and the Perpdex Solution

06:14Lessons from Ken Griffin and the Problem with Centralized Crypto Exchanges

Lessons from Ken Griffin and the Problem with Centralized Crypto Exchanges

08:37Why Start with a Perpdex? Customer Adoption and Core Tech

Why Start with a Perpdex? Customer Adoption and Core Tech

11:39The Evolution of Perpdexes: Product-Market Fit and Competitive Exchanges

The Evolution of Perpdexes: Product-Market Fit and Competitive Exchanges

Part 3: Technical Architecture and Ethereum Alignment

15:24Hyperliquid's Strengths and Weaknesses: Building on Ethereum for Broader Connectivity

Hyperliquid's Strengths and Weaknesses: Building on Ethereum for Broader Connectivity

17:30Ethereum L2 vs. L1: Security, TVL, and TradFi Trust

Ethereum L2 vs. L1: Security, TVL, and TradFi Trust

19:33Integrations with DeFi Players and Lighter's Competitive Edge

Integrations with DeFi Players and Lighter's Competitive Edge

Part 4: Lighter’s Core Tech and ZK Innovation

21:01Low Latency, Low Cost, and Verifiability: Lighter's Core Advantages

Low Latency, Low Cost, and Verifiability: Lighter's Core Advantages

25:39ZK Innovations: In-House Expertise and Focus on Market Needs

ZK Innovations: In-House Expertise and Focus on Market Needs

28:47ZK Circuits for Finance: Efficiency, Customization, and the EVM Sidecar

ZK Circuits for Finance: Efficiency, Customization, and the EVM Sidecar

Part 5: Strategic Partnerships and TradFi Integration

32:33Vlad's Connection to Robinhood's Vlad Tenev: High School and HFT Roots

Vlad's Connection to Robinhood's Vlad Tenev: High School and HFT Roots

35:05Coinbase and Robinhood's Investment: DeFi's Power and TradFi Integration

Coinbase and Robinhood's Investment: DeFi's Power and TradFi Integration

37:12Potential Partnership with Robinhood: Bringing Equities to Crypto and Vice Versa

Potential Partnership with Robinhood: Bringing Equities to Crypto and Vice Versa

38:35Equity Perps on Lighter: Bridging the Gap Between Retail and Institutions

Equity Perps on Lighter: Bridging the Gap Between Retail and Institutions

42:00The Competitive Advantage of US Institutions and Technical Alignment

The Competitive Advantage of US Institutions and Technical Alignment

Part 6: Tokenomics, Valuation, and Future Outlook

44:11Lessons from the Token Launch: Price Action and Long-Term Value Creation

Lessons from the Token Launch: Price Action and Long-Term Value Creation

46:08Lighter vs. Hyperliquid Valuation: Revenue, Growth, and Startup Mindset

Lighter vs. Hyperliquid Valuation: Revenue, Growth, and Startup Mindset

48:21Value Accrual to LITT Holders and Hypothetical Acquisition Scenario

Value Accrual to LITT Holders and Hypothetical Acquisition Scenario

51:56The Future of Capital Markets: TradFi's Embrace of Crypto Technologies

The Future of Capital Markets: TradFi's Embrace of Crypto Technologies