Lighter also doesn't know what they're doing. If the third season of the trading competition isn't launched soon, everyone will have left. Mainly, people are now questioning whether the fee-free model can really work on DEX.

After all, exchanges don't earn most of their revenue from fees. What do they use to create the market? What do they use to reward users? Simple staking will only open the downward channel because if the revenue isn't enough, the buyback efforts won't be sufficient, leading to a death spiral.

Ultimately, a product needs to answer one question: out of so many products, why choose you?

#Lighter