Lighter

Ethereum 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.