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SummaryValue SecuredOnchain costsData postedLivenessMilestones & IncidentsRisk summaryRisk analysisRollup stageData availabilityUpgrades & GovernanceOperatorWithdrawalsOther considerationsPermissionsSmart contracts

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Lighter

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Lighter is an application-specific zk rollup on a mission to revolutionize trading by building provably fair, secure, and scalable infrastructure for finance.

  • Total Value SecuredTVS
    $1.15 B4.07%
  • Past day UOPSDaily UOPS
    No data
  • Stage
  • Type
    ZK Rollup
  • Purpose
    Exchange

    • Tokens breakdown

    Value secured breakdown

    View TVS breakdown
    Sequencer failureState validationData availabilityExit windowProposer failure
    Explore more in Discovery UI

    Badges

    About

    Lighter is an application-specific zk rollup on a mission to revolutionize trading by building provably fair, secure, and scalable infrastructure for finance.

    Value SecuredView TVS breakdown
    Total
    Canonically BridgedCanonically Bridged ValueCanonical
    Natively MintedNatively Minted TokensNative
    Externally BridgedExternally Bridged ValueExternal
    ETH & derivatives
    Stablecoins
    BTC & derivatives
    Other
    View TVS breakdown
    Onchain costs

    The section shows the operating costs that L2s pay to Ethereum.

    2025 Jan 17 — Oct 28

    1 year total cost
    $183.24 K
    Avg cost per L2 UOP
    $183.240591 K
    Avg cost per day
    $645.21
    Data posted

    This section shows how much data the project publishes to its data-availability (DA) layer over time. The project currently posts data toEthereumEthereum.

    2025 Jan 17 — Oct 28

    1 year data posted
    7.98 GiB
    Avg size per day
    28.66 MiB
    Avg size per L2 UOP
    No data
    Liveness

    This section shows how "live" the project's operators are by displaying how frequently they submit transactions of the selected type. It also highlights anomalies - significant deviations from their typical schedule.

    No ongoing anomalies detected

    2025 Sep 29 — Oct 29

    30D avg. proof subs. interval
    2 minutes
    30D avg. state updates interval
    4 minutes
    Past 30 days anomalies
    Milestones & Incidents

    Lighter experiences 4.5h of downtime

    2025 Oct 10th

    Lighter experiences 4.5 hours of downtime due to DB growth issues.

    Learn more

    Lighter launches public mainnet

    2025 Oct 2nd

    Lighter launches public mainnet after 8 months of private beta.

    Learn more
    Risk summary
    Oct 8 2025: at the moment of writing, the circuits source code is not publicly available and therefore it is not possible to fully verify the business logic of the protocol. The team communicated to us that they plan to release them in the next 1-2 weeks.

    Funds can be stolen if

    1. a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).

    Funds can be lost if

    1. the oracle prices are manipulated.

    MEV can be extracted if

    1. the operator exploits their centralized position and frontruns user transactions.
    Risk analysis
    Oct 8 2025: at the moment of writing, the circuits source code is not publicly available and therefore it is not possible to fully verify the business logic of the protocol. The team communicated to us that they plan to release them in the next 1-2 weeks.
    Sequencer failureState validationData availabilityExit windowProposer failure
    Sequencer failure
    Force via L1

    Users can force the sequencer to include a transaction by submitting a request through L1. If the sequencer censors or is down for for more than 14d, users can use the exit hatch to withdraw their funds.

    State validation
    Validity proofs (SN)

    SNARKs are succinct zero knowledge proofs that ensure state correctness, but require trusted setup.

    Data availability
    Onchain (SD)

    All of the data (SD = state diffs) needed for proof construction is published onchain.

    Exit window
    None

    There is no window for users to exit in case of an unwanted regular upgrade since contracts are instantly upgradable.

    Proposer failure
    Use escape hatch

    Users are able to trustlessly exit by submitting a zero knowledge proof of funds.

    Rollup stage
    Lighter
    Lighter is a
    Stage 0
    Appchain
    ZK Rollup.
    The requirement for available node software is under review
    Learn more about Rollup stages
    Please keep in mind that these stages do not reflect rollup security, this is an opinionated assessment of rollup maturity based on subjective criteria, created with a goal of incentivizing projects to push toward better decentralization. Each team may have taken different paths to achieve this goal.
    Data availability

    All data required for forced exits is published onchain

    All the data needed to recover the latest accounts state (represented by the Account Tree) and construct the zk proof necessary for forced exits is published onchain in the form of blobs. Only data that leads to state changes is posted.

    Learn more about the DA layer here: Ethereum logoEthereum
    Upgrades & Governance

    Regular upgrades are initiated by the “network governor” and executed with a 21d delay. The “security council” is allowed to reduce the upgrade delay to zero in case of an emergency. The security council does not currently satify the Stage 1 requirements. The network governor also retains the ability to add or remove validators.

    Operator

    Centralized operators

    Only the centralized operators can submit batches and verify them with a ZK proof, i.e. advance the state of the protocol.

    • MEV can be extracted if the operator exploits their centralized position and frontruns user transactions.

    Users can force their transactions on L1

    If the centralized operators fail to include user transactions, users can force them themselves through L1. The possible transaction types that users can force are: deposits, withdrawals, order creation, order cancellation, and burning of pool shares. If the operators do not process forced transactions within 14d, the system can be frozen (desert mode) and users can exit using the latest settled state. All open positions are settled using the latest index price.

    Withdrawals

    Regular exit

    The user initiates the withdrawal by submitting a regular transaction on this chain. When the block containing that transaction is settled the funds become available for withdrawal on L1. ZK proofs are required to settle blocks. Finally the user submits an L1 transaction to claim the funds.

    Escape hatch through ZK proofs

    If the centralized operators fail to process forced transactions after the deadline, the system can be frozen (desert mode) and users can exit by reconstructing the latest settled state using the data available on L1 and providing a ZK proof of balance.

    Other considerations

    External oracles used for index prices

    Lighter uses a combination of oracles to determine index prices, with Stork as the primary source. External signatures are currently not verified and the sequencer must be trusted to truthfully report data.

    • Funds can be lost if the oracle prices are manipulated.

    1. Lighter docs - Fair Price Marking
    Permissions
    A dashboard to explore contracts and permissions
    Go to Disco
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    Disco UI BannerExplore in Disco

    Ethereum

    Actors:

    Lighter Multisig 0x92b1…2045

    A Multisig with 3/5 threshold.

    • Can interact with UpgradeGatekeeper
      • can reduce the upgrade delay to zero seconds

    Participants (5):

    0x037C…e2B10x57cc…045d0x0bF0…169D0x8B01…B6f60x06eD…a90A
    EOA 1, EOA 2 and EOA 3 (3) 0x1c0F…df210xFBC0…05fa0xfcB7…9c0D
    • Can interact with Governance
      • can commit, verify, execute batches, and revert committed but not yet executed batches
    EOA 4 0xfDb3…4A41
    • Can upgrade with 21d delay
      • Lighter
      • Governance
      • ZkLighterVerifier
    • Can interact with Governance
      • can commit, verify, execute batches, and revert committed but not yet executed batches
      • manage validators, update the address that manages the insurance fund, and update the treasury address that collects fees from markets
    Smart contracts
    A dashboard to explore contracts and permissions
    Go to Disco
    Disco UI Banner
    Disco UI BannerExplore in Disco
    A diagram of the smart contract architecture
    A diagram of the smart contract architecture

    Ethereum

    Lighter 0x3B4D…5ca7Implementation #1 (Upgradable)Implementation #2 (Upgradable)Admin

    The main rollup contract. It processes L2 batches, manages USDC deposits and withdrawals, allows users to submit censorship-resistant L2 transactions and controls desert mode (escape hatch). Logic is split between two contracts because of code-size limits, many operations are delegated to AdditionalZKLighter.

    • Roles:
      • admin: UpgradeGatekeeper; ultimately EOA 4
    • This contract stores the following tokens: USDC.
    Can be upgraded by:
    EOA 4 with 21d delay
    UpgradeGatekeeper 0x94da…6f67

    Governance contract functioning like an upgrade timelock for downstream contracts. The current delay is 21d and can be entirely skipped by Lighter Multisig.

    • Roles:
      • getMaster: EOA 4
      • securityCouncilAddress: Lighter Multisig
    DesertVerifier 0x9BC7…88A4

    ZK verifier used to verify forced exits during desert mode.

    Governance 0xa464…81A1Implementation (Upgradable)Admin

    Manages the list of validators and the network governor.

    • Roles:
      • admin: UpgradeGatekeeper; ultimately EOA 4
      • networkGovernor: EOA 4
      • validators: EOA 1, EOA 2, EOA 3, EOA 4
    Can be upgraded by:
    EOA 4 with 21d delay
    ZkLighterVerifier 0xac3C…2BaAImplementation (Upgradable)Admin

    The main ZK verifier of Lighter, settles the proofs of correct L2 state transition in the case of normal rollup operation.

    • Roles:
      • admin: UpgradeGatekeeper; ultimately EOA 4
    Can be upgraded by:
    EOA 4 with 21d delay

    Value Secured is calculated based on these smart contracts and tokens:

    The current deployment carries some associated risks:

    • Funds can be stolen if a contract receives a malicious code upgrade. There is no delay on code upgrades (CRITICAL).