About this episode
Hyperliquid has become the breakout perp exchange of crypto. But is the market missing its biggest competitor? Delphi’s Flip and DeFi investor Will Price join David to make the case for Lighter, a ZK-powered Ethereum L2 with zero-fee retail trading, white-glove distribution, real-world asset perps, and a token buying back revenue at a surprising rate. Is LIT just a Hyperliquid beta trade, or is it one of the most underpriced bets in onchain finance?---📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24https://bankless.cc/spotify-premium---BANKLESS SPONSOR TOOLS:🔮POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast🧭OKX | TRADE, EARN, PAY to OKX | 120M+ USERS WORLDWIDEhttps://app.okx.com/join/USBANKLESS🦊 METAMASK | DOWNLOAD NOWhttps://go.metamask.io/BL-Pod-Download🌐BRIX | EMERGING MARKET YIELDhttps://bankless.cc/brix🎯THE DEFI REPORT | ONCHAIN INSIGHTShttps://thedefireport.io/bankless---TIMESTAMPS0:00 Intro3:05 Why Lighter Is Different5:32 ZK Rollup Advantages6:46 Charging Traders, Not Retail12:07 Fairness Without MEV14:50 Why Hyperliquid Can’t Copy18:03 Distribution Beyond Crypto22:08 Latency & Flow Quality26:50 Technical Edge Across the Stack30:31 RWAs & Pre-IPO Markets34:07 U. S. Perps Market Play36:05 Back-End For Big Brokers38:28 Bootstrapping Liquidity41:54 Lighter As A Platform46:34 Token Value & Buybacks50:11 Market Cap Versus FDV53:02 Valuing LIT Properly57:51 Cracked Team & Better Comms58:13 Joining The Lighter Community58:51 What Comes Next---RESOURCESWill Pricehttps://x.com/will__priceTrevor Flipperhttps://x.com/trevor_flipper---Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures