Perp DEX Space Heats up — Lighter Ignites $68M Fundraise as Investors Flock to Defi’s Next Big Thing

According to a Forbes report, Lighter’s $68 million round was led by Peter Thiel’s Founders Fund and Ribbit Capital, with participation from Haun Ventures and Robinhood. The deal reportedly valued Lighter around $1.5 billion and included both equity and token warrants. Founded in 2022, the company has rapidly become one of the fastest-growing decentralized exchanges (DEX) and blockchain platforms, with its Ethereum layer-two (L2) network ranking among the top in total value locked. Novakovski said Lighter’s goal is to provide a transparent infrastructure layer for global finance.

Once known for co-founding the AI startup Lunchclub, Novakovski pivoted back to his trading roots in 2022, transforming that company into Lighter and retaining 80% of the team. After a prior $21 million round in 2024 led by Haun Ventures and Craft Ventures, Lighter’s total funding has reached nearly $90 million. Its profitability and positioning have drawn comparisons to Hyperliquid, a rival perp DEX that runs on its own layer-one (L1) blockchain. Still, Novakovski said he’s “pretty happy” with Lighter’s progress, confident that its Ethereum-based model will set it apart in an increasingly competitive market.

FAQ 🗞️

• What is Lighter?
  Lighter is a decentralized exchange (DEX) and Ethereum L2 blockchain focused on transparent and efficient crypto trading.
• Who invested in Lighter’s latest funding round?
  Investors reportedly include Founders Fund, Ribbit Capital, Haun Ventures, and Robinhood.
• Where is Lighter based?
  The company operates out of Silicon Valley, California, with a growing global user base in digital asset trading.
• When was Lighter founded?
  Lighter was founded in 2022 after its CEO, Vladimir Novakovski, pivoted from AI startup Lunchclub to blockchain technology.