Community's Ten Questions to Lighter Founder: TGE Timing, Distribution, Points Program, Revenue Model......

Source: jez (@izebel_eth)

Edited by: Azuma, Odaily Planet Daily

Editor’s note: Based on market rumors and the odds on Polymarket, it’s no longer a secret that Lighter will have its TGE on December 29. As the final moment approaches for token issuance, Lighter’s founder and CEO Vladimir Novakovski participated in a Twitter Space interview hosted by jez (@izebel_eth).

During the conversation, Vladimir addressed community concerns about the token launch date, points distribution, whitelisting, product updates, future directions, and community communication.

Below is a curated selection of Vladimir’s interview content, organized and translated by Odaily Planet Daily.

Opening

• Host (jec): This is my first time hosting a Twitter Space. Please bear with me if there are any unexpected issues. I’m very pleased to invite Vladimir Novakovski, founder and CEO of Lighter. I will ask him some questions sourced from myself, Discord, Twitter, and other community chats. Before we start, Vladimir, is there anything you want to say first?

Vladimir: No, let’s get straight to it.

Q1: Direct Inquiry on Token Launch Date

• Host: The first question is simple—when will the token go live?

Vladimir: As you know, we previously said “this holiday will be very hot,” so I think the community can interpret that in different ways.

Q2: Future Direction of Lighter

• Host: Okay, let’s start with the roadmap. What are your plans for taking Lighter forward in the coming months and years? By the way, is there really a so-called “Sun哥 exclusive ZK circuit”?

Vladimir: Haha, there was some FUD online about this before, but it was mostly just jokes. We released the ZK circuit code this week, and quite a few people have already looked at it. However, it’s important to clarify that the points system itself does not go through these circuits. So, for those who earned a lot of points and received LLP shares earlier, that part is unverified.

In the future, if the native token can be used for staking, obtaining LLP shares, or unlocking other product features, that can be verified. But currently, the points system itself has not been circuit-verified, so the so-called “leaving a backdoor for whales in the circuit” is essentially just a joke.

• Host: Let me put it this way—every time I hear the word “circuit,” I get a bit confused. Suppose I know nothing about ZK and am too lazy to really understand it. How would you explain to me what practical benefits Lighter can gain from using ZK circuits?

Vladimir: Basically, this means everything done on Lighter is verifiable and will be published to the Ethereum network.

From a practical standpoint, if you are a trading user, you don’t need to worry about my orders being unfairly executed in a different sequence than another trader’s, nor about positions being liquidated at incorrect prices—all of this can be guaranteed by the circuit.

As Lighter’s business expands, everything will remain verifiable. This also means circuits can coexist with other activities on Ethereum, as well as with the EVM sidechains we are developing. We can discuss this further.

• Host: Give me a more concrete example.

Vladimir: For example, you can use any type of asset as collateral. You could use ETH as collateral, or assets on Aave, Morph, etc., as collateral for Lighter.

• Host: So, I can integrate existing Ethereum L1 DeFi protocols? Is that the envisioned way you’re thinking of integration? Are you more inclined to integrate with the existing L1 ecosystem or build a completely independent L2 ecosystem?

Vladimir: The core purpose of L2 is to build a super-high-performance exchange on top of Ethereum, and we’ve already achieved that. Currently, Lighter L2 has the highest TPS on Ethereum and is the fourth largest L2 by TVL.

The value of L2 lies in supporting high-performance applications, such as perpetual contract trading and other scenarios requiring extremely high throughput. But many DeFi applications don’t actually need such high performance—they already run well on Ethereum. So, we won’t reinvent the wheel but will instead combine with existing DeFi ecosystems. At the same time, new high-performance applications will emerge on L2, introducing some new asset classes that don’t even exist yet (like RWA, options, etc.).

It’s certain that Ethereum already has a very large DeFi ecosystem, and integrating with it presents a huge opportunity space.

Q3: Opportunities and Risks of Unified Margin

• Host: You launched spot trading a month ago, and you mentioned that spot positions can be used as collateral. This naturally leads to the next question: what are your thoughts on the Universal Cross-Margin model? How are you considering this in your design and risk control?

Vladimir: We will proceed step by step. It’s a necessary development, but must be done with strict risk controls. Even in stablecoin collateral systems, issues like liquidation mechanisms and ADL (auto-deleveraging) need thorough consideration. You’ve seen that discussions about ADL have been very active in recent weeks.

We will start by supporting multiple stablecoins as collateral, such as USDC (we are working with Circle to bring native USDC to Lighter), then support more stablecoins and allow free switching between them as collateral. Once that’s done, we will gradually add mainstream assets like ETH, BTC, and even native tokens as collateral, each with different risk models. Higher-risk assets may require higher liquidation fees. These models will take time to refine, but they are a key focus for us next year.

Q4: Lighter’s Listing Strategy

• Host: In the risk model, trading assets are as important as collateral assets. What is your expansion strategy for listing new assets?

Vladimir: That’s a very interesting direction. Native tokens will play an important role here, helping to enable a more permissionless listing experience. We are currently in talks with many teams—not only for perpetual contracts but also for spot assets, like tokenized stocks that Robinhood is working on.

Long-term, if the ecosystem can develop good incentive alignment mechanisms, users holding a certain amount of native tokens will have greater influence over listing choices and ecosystem direction.

• Host: That raises another question. How do you view tokenized stocks, as well as RWA assets like Pokémon cards and precious metals? What is your approach under current regulatory conditions?

Vladimir: I believe this is a huge opportunity in the coming years. We’ve reached a stage where DeFi and TradFi are no longer just coexisting—they can truly be integrated.

We’ve already discussed this with Robinhood, and also explored these issues with traditional exchanges and large hedge funds. At the same time, we’ve participated in some regulatory discussions in Washington… I think the first step might be supporting tokenized stocks that Robinhood is already working on, but there will definitely be more developments later.

Q5: Mobile Strategy

• Host: Switching to a topic I care about deeply—how do you view mobile?

Vladimir: I’ve actually mentioned before that we’ve invested a lot of time in mobile, and we are indeed developing an app with pretty good progress. Some early traders in the community have tested it, and we will be announcing related updates in the coming weeks, so stay tuned.

Of course, we also welcome other developers to build applications. But for certain types of traders, they prefer the core protocol, desktop, and mobile apps to be developed by the same team. That’s the direction we’re focusing on, and we hope many traders will use it.

• Host: When talking about mobile, I usually divide it into two categories. One is for users already in crypto, providing more convenience; the other is for outsiders, lowering the entry barrier. Which direction will your mobile focus on?

Vladimir: Yes, our mobile will have two modes. One is more professional, suitable for users who are active on desktop but need to operate on the go; the other is more lightweight, aimed at newcomers just starting out.

• Host: Will it include its own deposit and withdrawal processes, or will users still need to go through paths like Arbitrum?

Vladimir: We are still finalizing those details, but the goal is definitely to create a very smooth deposit experience. We are talking with some teams specializing in this area to make the process very simple. There are still some decisions to be made, but that’s definitely our aim.

Robinhood does this very well— from your first hearing about the app to completing your first trade, the time should be very short. That’s also one of our clear goals.

Q6: Collaboration with Robinhood

• Host: You’ve mentioned Robinhood multiple times. What have you gained from your relationship with Vlad Tenev (Robinhood founder)? Do you see future synergies between Lighter and Robinhood?

Vladimir: Absolutely. We’ve already discussed tokenized stocks, which is one of the directions we’ve started exploring together. Besides that, look at what they’re doing—they have centralized products but are also experimenting a lot at the wallet level, exploring how to improve overall experience. Considering they are building L2 on Ethereum, many interesting combinations can be imagined.

Once these turn into concrete products, we’ll have more to share. From a learning perspective, I think one thing that’s been underestimated in crypto is truly user-centric design and prioritizing user experience; another is not being afraid to try new business models.

• Host: Can you elaborate further?

Vladimir: Take Robinhood’s early zero-fee model— that was a very crazy idea. Even within their team and among early users, there was uncertainty about whether it was feasible.

When we try similar models on Lighter, it’s the same. You have to keep experimenting across different strategies, rather than copying the same fee structure just because “everyone does it.” That’s not necessarily optimal. It doesn’t mean every new idea will succeed, but the path of innovation is very broad.

For us, the core is providing the best experience for retail traders, which naturally attracts trading firms and market makers, enabling monetization. This logic is very powerful. My experience at Citadel taught me this—when Citadel expanded from hedge funds into securities, it was considered a crazy idea—wasn’t that what investment banks do? Is that securities business? But now, many large hedge funds have their own securities divisions.

Q7: Fee and Revenue Model

• Host: Many are curious about your fee structure, revenue model, and sustainability. People ask what will happen when you reopen fees. So, from a macro perspective, how do you see your business model? Where does your actual revenue come from?

Vladimir: We actually started charging fees back in October. Overall, we introduced a premium tier, and are considering more tiers to serve high-frequency traders. We’ve optimized TPS a lot, and now support higher-tier trading needs.

In general, in the first two months after fees started (we’re nearly three months in now), fee revenue has actually exceeded our expectations. An interesting point is that we initially worried that some trading institutions trading on Lighter might reduce volume after fees were introduced, but that didn’t happen at all. On the contrary, their feedback was that they prefer multi-tier fee structures based on latency, as it makes modeling and strategizing easier.

So far, we’re satisfied with the fee performance. With new products launching, we’ll continue experimenting with different fee models. To date, the idea of “free for retail, better for the overall ecosystem” has some solid data backing it.

Q8: Points Program and Whitelist Screening

• Host: GLC Research asked a follow-up. They’re concerned about whether user and market maker participation can be sustained after points subsidies end.

Vladimir: Ultimately, the points system and future tokenomics are designed for aligned incentives. Imagine if you were an early trader on Robinhood and also held shares; or if you traded on NYSE and held shares in Citadel Securities or Jane Street—that’s what token structures can enable, and it’s one of the most exciting aspects of this field.

Indeed, some “non-traders” are just wash trading. We’ve already reduced points for many such accounts this week, but we must also admit that there’s still a large demand for genuine trading activity, which currently mainly resides in CEXs.

In the future, as CeFi and DeFi further merge, market opportunities will remain huge. If we can develop a truly strong product in this space, trading activity will naturally flow in. From our perspective, the current scale on Lighter is just a small part of the overall market opportunity. So, we will continue focusing on product development and ongoing community engagement. Incentive alignment is a good thing, not a bad thing.

• Host: The second season points program has ended. You mentioned reducing points for whitelisted addresses. Many are concerned about your detection methods—what behaviors are judged? Is there a risk of false positives? Is there an appeal mechanism?

Vladimir: Yes, we do have an appeal process, but so far, the number of appeals has been less than expected. If users feel the algorithm is unfair to them, they are welcome to fill out an appeal form on Discord. We won’t disclose the specific algorithm details to prevent targeted “behavior optimization.”

Overall, this involves a lot of data science work, including clustering analysis and behavior pattern recognition. Our quant team (whose daily work involves liquidity and market maker interfacing) has spent weeks on this. We’ve also communicated with protocol partners and individual “whale hunters” who have done similar work. We’re confident in the final results, but if there are genuine false positives, please do appeal.

Q9: Tokenomics and Value Capture

• Host: These points will eventually convert into tokens. Can you share the tokenomics structure? How much of the total supply will the points program account for?

Vladimir: We will release a more detailed announcement soon. Overall, 50% of tokens will be allocated to the community, with a significant portion assigned to the first and second season points programs. Exact ratios will be announced shortly. Based on current market feedback, expectations and design are quite aligned.

• Host: Regarding recent large on-chain transfers (like to Coinbase), can you explain?

Vladimir: Those transfers are unrelated to airdrops, mainly related to investor and team escrow arrangements. We are working with two custodians, so those on-chain movements are not connected to any airdrops.

• Host: Some are worried about VC funding issues and whether “equity vs. tokens” value alignment is in place. Can you respond?

Vladimir: Of course. Our stance is very clear—value will ultimately be reflected in the tokens, and all investors participate on that basis.

We adhere to a principle: tokens are the core alignment mechanism for all stakeholders—early users, the team, investors—all on the same boat. There will be no dual-track structure where “tokens have one value logic, equity has another.” Everything will revolve around tokens. Details will be gradually disclosed.

• Host: How exactly will tokens capture value?

Vladimir: We will explain this in detail later, but what’s certain is—revenue, new products, ecosystem expansion will all revolve around tokens. As the Lighter ecosystem and trading categories grow, value will naturally flow back to token holders.

If you compare to traditional finance, imagine all participants in TradFi holding shares in brokerages, market makers, data companies—and now, these are being realized on-chain. That’s the “big picture” of tokens in my view.

• Host: Will revenue data be published in the future? Will it be linked programmatically to tokens?

Vladimir: Yes, we will publish revenue data. How these revenues are used, and whether they are linked to token mechanisms, will become clearer as products are implemented. The core goal remains to let value flow into tokens and to promote ecosystem growth, thereby enhancing token holder rights.

Q10: More Support for Chinese Community!

• Host: I have another question from Discord, mainly about support for Chinese users and other non-English, more global communities. Do you have plans for local language support?

Vladimir: We currently support about 10 languages. Are you referring to support for regional communities like WeChat groups?

• Host: Yes, regional community management.

Vladimir: Got it, that’s a very reasonable question. We are indeed expanding our team and will become more localized.

We already have a few team members in Asia and are building a more complete regional structure. We will definitely continue recruiting relevant personnel. So, we have clear plans in this regard.