How Lighter ate away Hyperliquid’s moat

Vladimir Novakovski, CEO of Lighter, explains their pivot from AI to a high-speed DEX. He addresses the controversy behind their zero-fee model and how ZK circuits ensure verifiability. Vlad says they're surprised at the success of Forex on Lighter, future plans for options and fixed income, and addresses community questions about token value and equity rights. Notes:- Spent 18 months building tech stack- 1,000+ trading shops in contact with Lighter- Polymarket has "pretty efficient" pricing Timestamps:00:00    Start00:35    Surprises of success02:50    Winning Perp DEX Season06:30    Regulations11:49    What parts need to be on-chain?16:57    Sidecar21:35    Forex trading flows24:35    Spot markets28:03    Future of zero fees31:15    Public book & toxic flow36:44    Standardizing Perp DEXs40:16    Paths to revenue45:47    User acquisition & tokens49:28    The Hyperliquid Standard56:24    Dealing with trolls The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges.  Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠⁠ellipsislabs.xyz⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices