Lighter Raises $68M as DEX Dominance Fuels Token Buzz

Lighter tops DEXs with $71B weekly perpetuals volume, driving 92% token launch probability this year.

Founder Novakovski pivoted from AI to crypto, retaining 80% of the Lunchclub team and securing elite investor backing.

Operating as Ethereum Layer 2, Lighter offers faster trades, lower fees, and ranks among top Layer 2s by total value locked.

Lighter has raised $68 million at a $1.5 billion valuation. The platform, which has rapidly grown into the top decentralized exchange (DEX) by perpetuals volume, is now drawing massive attention from both investors and traders. With $71 billion in weekly trading volume and ranking among the top three by open interest, market data suggests a 92% chance of a token launch and airdrop before year-end.

Besides, the funding round marks a major milestone for founder Vladimir Novakovski, who pivoted from artificial intelligence to crypto. Unlike many who fled crypto for AI during the hype of 2022, Novakovski made the reverse move. His vision for Lighter combines a powerful trading engine with a blockchain foundation designed for speed, transparency, and decentralization. Consequently, the company’s strong performance has captured the attention of elite investors.

Lighter’s Rapid Rise and Market Edge

Lighter is both a decentralized exchange and a blockchain network. It enables users to trade perpetual futures, a popular derivative that allows speculation on cryptocurrency prices without expiry. Additionally, the platform plans to roll out spot trading for top assets such as Bitcoin soon. Lighter’s quick ascent to dominance underscores the growing demand for decentralized trading alternatives.

However, competition is fierce. Rival platforms like Hyperliquid have already disrupted centralized giants such as Binance. Yet, Novakovski’s background in trading and engineering gives him an edge. “Vlad and the team that he’s built is like 85% to 90% of why we made the investment,” said Joey Krug, a partner at Founders Fund.

From Lunchclub to Lighter: A Strategic Pivot

Prior to Lighter, Novakovski co-founded Lunchclub, a networking tool driven by AI that flourished during the pandemic. When growth finally slowed down in 2022, he turned back to his love of markets. In 2024, he raised $21 million from Haun Ventures and Craft Ventures, turned the firm around, and kept 80% of the original crew. With the most recent round, Lighter has now raised close to $90 million.

Moreover, Lighter operates as a Layer 2 on Ethereum, unlike Hyperliquid, which uses its own Layer 1. This distinction allows faster transactions and lower fees while benefiting from Ethereum’s security. According to L2BEAT data, Lighter has already become one of Ethereum’s leading Layer 2s by total value locked.

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