Lighter DEX, an Ethereum-based Layer 2 decentralized exchange built for perpetual futures, reached a valuation of $1.5 billion before the TGE (token generation event), making it one of the largest raises in DeFi in 2025.
This decentralized exchange recorded significant growth in 2025 and began to be compared to established DEXs such as Uniswap and Hyperliquid.
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Reiter raises $68 million led by Founders Fund and Rivit Capital
According to Fortune, Reiter has secured $68 million in new funding from Founders Fund and Ribbit Capital. Other participants include Haun Ventures and Robinhood.
This round values Reiter at $1.5 billion and highlights investors’ confidence in its fast, knowledge-free trading infrastructure.
The exchange currently specializes in perpetual contracts and plans to launch spot trading within the next few days. This move could make the company a direct challenger to Uniswap DEX.
Analyst Eugene Brutime said on X (Twitter) that Reiter’s upcoming spot market could trigger changes in the DEX sector, which offers latency as low as 5ms and scalability comparable to traditional financial exchanges.
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DeFi researchers say Lighter’s architecture could disrupt Uniswap’s AMM model, which has defined on-chain transactions for years.
Unlike traditional liquidity pools, Lighter’s order book-based system enables real trades with minimal slippage, no MEV, and 0% fees. This situation could attract high-frequency traders to migrate away from centralized exchanges.
“AMM solved the problems of early DEXs… but it is not sustainable for real trading. New players like Lighter will put a lot of pressure on Uniswap’s DEX business,” Bultaim explained.
Record trading volumes and market share growth
Writer growth metrics are already exceeding expectations. According to data compiled by Dami DeFi, Lighter recorded a seven-day lifetime trading volume of $73.77 billion, surpassing Aster ($72.03 billion) and Hyper Liquid ($70.42 billion).
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On November 11, the company’s 24-hour trading volume reached $10.08 billion, surpassing HyperLiquid’s $8.54 billion and EdgeX’s $5.61 billion.
This surge is driven by high throughput (650,000 TPS) and low rates, making Lighter one of the most active Layer 2s in 2025.
Despite its momentum, the exchange’s open interest still lags its competitors by about $500 million, raising questions about its sustainability as incentive campaigns wear off.
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Community airdrops and speculation about FDV
Early sources say Reiter plans to conduct a token airdrop in the fourth quarter and allocate 25-30% of the supply to the community.
The project’s upcoming token generation event has already sparked speculation in polymarkets, with traders betting on the fully diluted valuation (FDV) post-launch.
With funding secured and trading volumes increasing, Leiter’s upcoming TGE could become one of the most-watched DeFi events of the year.
If the technology can deliver on its promise of speed and scalability, the project has the potential to redefine on-chain transactions and set new benchmarks for L2 performance.
