Episode Description
Hyperliquid has become the breakout perp exchange of crypto. But is the market missing its biggest competitor? Delphi’s Flip and DeFi investor Will Price join David to make the case for Lighter, a ZK-powered Ethereum L2 with zero-fee retail trading, white-glove distribution, real-world asset perps, and a token buying back revenue at a surprising rate. Is LIT just a Hyperliquid beta trade, or is it one of the most underpriced bets in onchain finance?
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TIMESTAMPS
0:00 Intro
3:05 Why Lighter Is Different
5:32 ZK Rollup Advantages
6:46 Charging Traders, Not Retail
12:07 Fairness Without MEV
14:50 Why Hyperliquid Can’t Copy
18:03 Distribution Beyond Crypto
22:08 Latency & Flow Quality
26:50 Technical Edge Across the Stack
30:31 RWAs & Pre-IPO Markets
34:07 U.S. Perps Market Play
36:05 Back-End For Big Brokers
38:28 Bootstrapping Liquidity
41:54 Lighter As A Platform
46:34 Token Value & Buybacks
50:11 Market Cap Versus FDV
53:02 Valuing LIT Properly
57:51 Cracked Team & Better Comms
58:13 Joining The Lighter Community
58:51 What Comes Next
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RESOURCES
Will Price
Trevor Flipper
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