CEO Vladimir Novakovski explains the infrastructure powering the perp DEX, and why Lighter opted for a zero-fee structure for retail users.CEO Vladimir Novakovski explains the infrastructure powering the perp DEX, and why Lighter opted for a zero-fee structure for retail users.

Lighter CEO on ‘democratizing finance’ with a zero-fee, ZK perp DEX

2025/11/26 07:05

Episode 8 of The Big Brain Podcast, hosted by The Block President Larry Cermak and MegaETH CSO Namik Muduroglu, was recorded with Vladimir Novakovski, the founder and CEO of Lighter.

Listen below, and subscribe to The Big Brain Podcast on YouTube, Apple, Spotify, or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co


In episode 8 of The Big Brain Podcast, Lighter founder Vladimir Novakovski explains why he built a zero-fee, ZK-powered perp DEX as an Ethereum L2, how it stacks up against CEXs and rival perp chains, and what the Lighter team learned from recent market stress ahead of their token launch.

OUTLINE
00:00 – Introduction
04:50 – What Lighter is
06:15 – Why Ethereum L2 and ZK
11:03 – Zero-fee retail model
18:11 – Robinhood relationship & RH Chain
|20:30 – L1 vs L2 value capture
27:08
– TGE timing and token value
30:29
– DYDX, Hyperliquid and CEX vs DeFi |
35:52 – 10/10 crash and LLP risk
39:50 – Infra upgrades and closing

SHOW LINKS:
- Apple: https://apple.co/43F3vmq
- Spotify: https://spoti.fi/44NT1lZ
- Larry: https://x.com/lawmaster
- Namik: https://x.com/NamikMuduroglu
- The Block Podcasts: https://x.com/TheBlockPods

GUEST LINKS
Vladimir Novakovski - https://x.com/vnovakovski
Lighter - https://x.com/Lighter_xyz

This episode of the Big Brain Podcast is brought to you by our sponsor, Canton Network.


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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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