Lighter, a decentralized perpetual futures exchange perp DEX built on Ethereum Layer 2 (L2) using zk-rollup technology, has officially launched its public mainnet on October 2, 2025, after an eight-month private beta period that grew its user base to 188,000 accounts and 50,000 daily active users.
The platform enables low-latency, low-cost perpetual trading with custom zero-knowledge (ZK) circuits for verifiable order matching and liquidations, aiming to deliver centralized exchange (CEX)-level performance while maintaining DeFi security and transparency.
Key features include zero fees for retail traders, removal of deposit limits, and the start of Season 2 of its points program, which runs until the end of 2025 to incentivize trading and potential airdrops.
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Lighter positions itself as a competitor to platforms like Hyperliquid, with analysts projecting significant growth in the perp DEX sector amid rising volumes exceeding $1 trillion monthly.
AVAT Avalanche Treasury Company Announces Business Combination with Mountain Lake SPA
Avalanche Treasury Co. (AVAT), a digital asset treasury firm with an exclusive relationship with the Avalanche Foundation, announced a definitive business combination agreement valued at over $675 million with Mountain Lake Acquisition Corp. a Nasdaq-listed special purpose acquisition company (SPAC), on October 1, 2025.
The deal includes an initial $460 million in treasury assets and aims to build a $1 billion+ AVAX ecosystem treasury, providing institutional exposure to the Avalanche network through active management, strategic investments, and discounted AVAX purchases starting with $200 million.
Backed by investors like Galaxy Digital, Pantera Capital, VanEck, and Kraken, the combined entity plans a Nasdaq listing under ticker “AVAT” in Q1 2026, subject to approvals, with Avalanche founder Emin Gün Sirer as a strategic advisor.
Lighter’s zero-fee model for retail traders and removal of deposit limits lower barriers to entry, potentially attracting a broader user base to decentralized perpetual futures trading.
This intensifies competition with other perp DEXs like Hyperliquid and dYdX, as well as centralized exchanges, pushing the industry toward lower costs and higher efficiency.
By leveraging zk-rollup technology for low-latency, low-cost trading with CEX-level performance, Lighter sets a new standard for Layer 2 DeFi platforms.
Its custom ZK circuits for order matching and liquidations could drive adoption of advanced ZK tech across DeFi, encouraging other projects to prioritize scalability and user experience. The launch aligns with a booming perp DEX market, with monthly volumes exceeding $1 trillion.
Lighter’s Season 2 points program, running through 2025, could boost user engagement and trading volume via potential airdrops, potentially increasing its market share and influencing tokenomics strategies in DeFi.
As Lighter grows, its CEX-like performance on a decentralized platform may draw regulatory attention, especially in jurisdictions tightening rules on DeFi. Its ability to maintain transparency and compliance will be critical to sustaining growth.
Implications of AVAT Avalanche Treasury Company and Mountain Lake SPA Business Combination
The $675 million deal, aiming for a Nasdaq listing under “AVAT” in Q1 2026, signals a maturing crypto market, integrating Avalanche’s ecosystem with traditional finance. This could attract institutional investors seeking exposure to AVAX and blockchain assets via a regulated, publicly traded entity.
The $1 billion+ treasury goal, backed by $460 million in initial assets and strategic investments from firms like Galaxy Digital and Pantera, positions AVAT to accelerate Avalanche’s growth. Investments in tokenized assets, protocols, and validators could enhance AVAX’s utility and adoption, potentially increasing its market cap and network activity.
The high-profile deal, supported by prominent investors and Avalanche founder Emin Gün Sirer, may boost confidence in AVAX, potentially driving price appreciation. However, SPAC deals often face market volatility, and failure to meet expectations could negatively impact AVAX’s price and investor sentiment.
The combination’s success hinges on regulatory approvals and effective treasury management. Missteps in navigating U.S. securities laws or poor investment decisions could undermine the deal’s value and Avalanche’s reputation, while a successful listing could set a precedent for other blockchain ecosystems to pursue similar SPAC mergers.