Lighter
2 storiesEthereum layer 2 trading is central to Lighter, a zero-knowledge derivatives exchange that also uses order book perpetual markets. The operating model brings together validity proof settlement, Lighter matching engine, self-custodial margin accounts, and low-latency order processing; each affects execution quality or protocol risk at Lighter. For Lighter, report upgrades, liquidity conditions, routing, collateral, governance, and security that alter how its markets function. At Lighter, keep Lighter's protocol token and collateral assets separate; the Lighter entry follows margin design and settlement inside Lighter.
Perp DEX market share narrows as Hyperliquid takes the lead in 2026
Perpetual DEXs on-chain in 2026 are seeing less total volume and more of it concentrated at the top. Hyperliquid now handles over a third of all reported 30-day trades, leaving the rest to fight for what's left as the market shifts.
Crypto Protocols Shift to Revenue Models as Token Burns Accelerate
Major crypto protocols are adopting revenue-driven models, using token buybacks and burns to return value to holders. This shift could reshape how investors assess token valuations and protocol economics.