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Wrote about paradoxes, confidence and why we retreat to black and white thinking.
A note on what has been useful to me in life and markets ❤️
paragraph.com/@el33/the-dial…
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El33 retweeted
The perps war hasn’t even started.
@trevor_flipper thinks the market could become 100X bigger as U.S. regulation opens the door to institutions, equities, commodities, and FX.
The real battle won’t just be Lighter vs Hyperliquid.
It’ll be crypto exchanges vs. Wall Street.
FT @BitcoinJesusETH
⏱ TIME POINTS ⏱
00:00 - Intro
01:14 - Why Lighter Could Be “Generational”
03:58 - What Zero-Fee ZK Trading Unlocks
06:26 - Lighter’s Partnership Strategy
07:41 - Inside the Robinhood Deal
09:26 - Can Distribution Beat Hyperliquid?
11:40 - Winning Institutional Distribution
13:13 - SEC, CFTC & Crypto Regulation
15:10 - Coinbase and Kraken Enter Perps
16:27 - How Big Can Perps Get?
18:39 - Why Lighter Is Expanding Beyond Perps
20:19 - Who Are Options Really For?
23:56 - Lighter’s AI Agent Strategy
26:17 - LIT Buybacks and Token Value
27:52 - Giving Token Holders Real Rights
29:31 - When Lighter Says No to Partners
30:48 - Lighter Is Knocking on Doors
32:31 - Will LIT Staking Rewards Last?
33:07 - Can Zero Fees Last Forever?
36:09 - When Partners Become Competitors
37:01 - Lighter’s Next Big Announcement
38:13 - Where to Follow Trevor and Lighter
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El33 retweeted
When will Robinhood integrate perps into the main Robinhood app?
@JohannKerbrat: "If we get the right regulatory structure, we will absolutely have perps."
"You can already do [full-featured perps] with our @Lighter_xyz integration, on Robinhood Wallet..."
imo as soon as Lighter gets its license, you'll see perps in Robinhood quickly thereafter.
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@Bitwise_Europe has launched the Bitwise Lighter Staking ETP, $BLIT, the world's first exchange-traded product giving investors exposure to $LIT.
Lighter is a decentralized perpetual futures exchange on Ethereum built on a custom zero-knowledge rollup, making every trade and liquidation independently verifiable on-chain. $LIT is its governance and staking token.
Grateful to the @Lighter_xyz community for the chance to bring ETP access to one of the most closely watched tokens in crypto.
Now trading on Xetra. Available to European investors.
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El33 retweeted
The base case here is $LIT goes to $40
Now that a @Lighter_xyz commit in the prover repo shows binary options, it is looking more certain that there will be deeper integration with Robinhood
My napkin math says the potential inclusion of options in the future could add ~$183M to Lighter's revenues (= buybacks)
Note: this has many conservative assumptions
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El33 retweeted
Looks like binary outcome markets (prediction markets) are coming to Lighter very soon.
A commit, named "Binary options support", was recently made in the Lighter prover repo, which describes the ZK circuit powering Lighter. I've read through the code; here are some of the interesting takeaways...
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El33 retweeted
Lighter CEO basically CONFIRMING with a smile that Robin Hood APP integration is coming.
"There's more real estate to Robin Hood than just the wallet"
15M+ active accounts coming to Lighter
Source: @therollupco podcast
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Head of perps at a deca-billion exchange calling a protocol where PFOF is impossible by design… PFOF.
Is that a good look chat?
Lighter is able to offer zero fees by implementing artificial speed bumps on retail traders. They monetize by giving market makers a latency advantage over retail and basically doing PFOF
Kalshi doesn’t. It’s not an apples-to-apples comparison.
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The Iron Triangle is emerging.
Both crypto-native and TradFi parties are starting to realize they are severely under-allocated.
en.theblockbeats.news/news/6…
$LIT
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