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Roamer
来自@vnovakovski与@choffstein面试的一些实习生笔记
> Lighter并不打算自己重建所有链上原语,而是希望与Ethereum应用程序兼容。Vlad表示他对Ethereum生态系统“非常乐观”
> 正在考虑正式审计,预计在几个月内完成
> 强调尽管Ethereum L2排序器是集中式的,但攻击者无法向交易所提交虚假证明。还提到Escape Hatch,用户可以通过该功能安全地将抵押品提取回Ethereum
> 去中心化排序器是路线图中的一项内容,但目前并未优先考虑
> LLP的流动性模型考虑了基础现货市场(以及其他永续合约)的规模,以避免事件发生
> 计划通过一种更高风险的LLP版本“XLP”为新市场(RWA期货、预发布永续合约)添加隔离保证金,以与主池隔离 - 承担更高风险,但回报也更高
> 到目前为止,团队已引入约50名API交易员,还有另外100名自助入驻的交易员。
> 目前,LLP代表了平台流动性的80%。随着存款上限的解除,预计会下降 - Vlad预计到年底会降到50%。
> Vlad强调市场制造商没有返利,因为他们能够在不依赖此的情况下获利。
> LLP最初由协议提供了10万美元的种子资金,其余由用户提供
推荐收听整个播客:关于Lighter上的ZK技术(8:05;15:10)、零费用背后的原因(46:45)以及关于可组合性可能是什么样子的想法(54:07)

Corey Hoffstein 🏴☠️2025年9月22日
Lighter: The Orderbook for all of Ethereum (S7E22)
In this episode I’m joined by @vnovakovski, founder and CEO of Lighter, a decentralized crypto exchange.
To kick off the conversation, we explore Lighter's three big design choices: it’s built as a custom Layer-2 on Ethereum, it relies on zero-knowledge circuits for proving transactions, and it runs with a private sequencer. Don't worry – if that sounds like gibberish, Vlad explains it all. Each of those decisions comes with trade-offs — but also big potential advantages.
We discuss why Ethereum remains the natural home for new rollups, from inheriting its security to tapping into DeFi’s growing composability. We also break down what zk circuits actually are, why they matter for trust and security in a derivatives exchange, and how they’re verified in practice.
From there, we tackle the business side: how you bootstrap liquidity in a brand-new DEX, why Lighter went with an unusual fee model and the key lessons learned during an extended private beta.
Finally, we zoom out to the bigger picture. What might DeFi look like if composability really takes hold? Could specialized rollups like Lighter become the backbone of an on-chain financial system, rather than just another venue for speculation?
Please enjoy my conversation with Vlad Novakovski.

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