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The Ethereum ecosystem has made another significant financing move.
The perpetual contract trading protocol Lighter has just secured $68 million, led by Ribbit Capital and Founders Fund, with the backing of institutions like Robinhood and Haun Ventures. The most outrageous part is that the valuation has reached $1.5 billion.
Speaking of this project, I started paying attention to it back in April when it was still in the early stages. It seems that my judgment at that time was correct; being able to attract so many top VCs indicates that the competitive landscape of the perpetual track is indeed being reshuffled. The derivatives protocol built on Ethereum has its uniqueness in the technical aspects.
After this round of financing, Lighter should accelerate product iteration and market expansion. The perpetual contract market is large enough; it just depends on who can really capture the users.