Lighter DEX, an Ethereum-based Layer-2 decentralized exchange built for perpetual futures, has reached a $1.5 billion valuation before its TGE (token generation event), marking one of the largest raises of 2025 in DeFi.
The decentralized exchange has recorded significant growth in 2025, prompting comparison to moire established DEXs like Uniswap and Hyperliquid.
Lighter Achieves $68 Million Raise Led by Founders Fund and Ribbit Capital
According to Fortune, Lighter secured $68 million in fresh funding from Founders Fund and Ribbit Capital. Other participants include Haun Ventures and Robinhood.
The round cements Lighter’s valuation at $1.5 billion, highlighting investor confidence in its high-speed, zero-knowledge-powered trading infrastructure.
The exchange currently specializes in perpetual contracts and plans to roll out spot trading in the coming days. The move could position it as a direct challenger to Uniswap DEX.
Analyst Eugene Bulltime said on X (Twitter) that Lighter’s upcoming Spot Markets could trigger a shift in the DEX sector, offering latency as low as 5 milliseconds and scalability rivaling traditional finance exchanges.
According to the DeFi researcher, Lighter’s architecture could disrupt Uniswap’s AMM model, which has defined on-chain trading for years.
Unlike traditional liquidity pools, Lighter’s orderbook-based system enables real trading with minimal slippage, no MEV, and 0% fees. These conditions could attract high-frequency traders migrating from centralized exchanges.
“The AMM solved early DEX problems…but it’s not sustainable for real trading. New players like Lighter will put significant pressure on Uniswap’s DEX business,” Bulltime explained.
Record Trading Volumes and Rising Market Share
Lighter’s growth metrics are already outpacing expectations. Data compiled by Dami DeFi shows Lighter recorded $73.77 billion in seven-day perpetual volume, surpassing both Aster ($72.03 billion) and Hyperliquid ($70.42 billion).
On November 11, its 24-hour trading volume hit $10.08 billion, ahead of Hyperliquid’s $8.54 billion and EdgeX’s $5.61 billion.
The surge is driven by high throughput (650,000 TPS) and low fees, which have made Lighter one of the most active Layer-2s in 2025.
Despite its momentum, the exchange still trails its rivals in open interest, at roughly $500 million, raising questions about its sustainability once incentive campaigns fade.
Hyperliquid, Aster, Lighter, and EdgeX Open Interest and Perp Volume. Source: Hyperliquid News on X
Community Airdrop and Speculation on FDV
Lighter plans to conduct a Q4 token airdrop, allocating 25–30% of the supply to the community, according to early sources.
The project’s upcoming token generation event has already sparked speculation on Polymarket, where traders are betting on its fully diluted valuation (FDV) post-launch.
Lighter market cap (FDV) one day after launch bets. Source: Polymarket
With its funding secured and trading volume climbing, Lighter’s upcoming TGE could become one of the year’s most-watched DeFi events.
If its technology delivers on speed and scalability promises, the project could redefine on-chain trading, potentially setting a new benchmark for L2 performance.
