Perp tradingPerp DEX · Own ZK rollup / Robinhood Chain version
Lighter (Robinhood Chain)
Author's status: ActiveEarlyUpdated: 2026-09-20
I use the Robinhood Chain version of Lighter. A program is running that doubles points when you trade through Robinhood Wallet.
Valuation
- FDV (fully diluted)
- $4.4BMarket cap $1.1B
- FDV ÷ revenue
- 70.4xRevenue, last 365 days $62.4M117x on the last 90 days × 4 (annualized $37.6M)
- FDV ÷ holder returns
- 152xBuybacks, burns and distributions over the last 90 days: $7.2M (×4 to annualize)
- Note
- 100% of fees buy back LIT, all burned since July 2026. Unlocks of 500M LIT for insiders begin 2026-12-27.
As of 2026-09-28. FDV and price from CoinGecko; revenue and holder returns from DefiLlama. The denominator is revenue, not profit, so this is closer to a price-to-sales ratio than a P/E. The author treats FDV ÷ revenue of 5x or less as cheap, but it moves a lot with revenue swings and unlocks.
TGE and points
- Phase
- EarlyLIT has had its TGE. Points on the Robinhood Chain version started 2026-08-10, are distributed weekly, and convert from a dedicated LIT pool.
- TGE
- $LIT2025-12-30
- Points program
- Robinhood Wallet × Lighter pointsStarted 2026-08-10, distributed weekly since 2026-08-21. 2x through Robinhood Wallet, 1x on the Lighter web app.
- Community allocation
- 50% of the 1B LIT supply goes to ecosystem and community; 25% of that was distributed at the 2025-12-30 TGE.
Airdrop payout estimate
Includes estimates and placeholders
- FDV assumption
- —
- Airdrop share
- —
- Expected pool
- $11M
- Per point
- —
Basis: The pool for the Robinhood community is reported inconsistently: Robinhood says "11M LIT", while The Block and others say "$11M worth of LIT". The conservative $11M is used as a placeholder (11M LIT would be about $51M). Total points are not published.
Pool = FDV assumption × airdrop share. The value per point divides by the points issued so far, so it falls as more points are issued. The actual payout varies widely with the distribution method, locks and sybil filtering. The points you enter are saved only in this browser.
Team, funding and user base
- Base
- United States (founders' base)
- Founders / leads
- Vladimir Novakovski (founder, CEO)Ex-Citadel. Lighter was founded in 2022.
- VC funding
- $68M$68M in November 2025 at about a $1.5B valuation, led by Founders Fund and Ribbit Capital. Earlier rounds not verified from primary sources.
- Key investors
- Founders Fund, Ribbit Capital, Haun Ventures, Robinhood
- X followers
- 128.1K@Lighter_xyzas of 2026-09-20
- User base
- Over 188K unique accounts (October 2025, official X)Lighter's official X. 2026 figures unverified.
Risks and caveats
- Perps through Robinhood Wallet are unavailable to residents of the UK, US, Canada, Switzerland, UAE, Singapore and others. Japan's status is unverified.
- An outage in October 2025; affected traders were compensated with points (The Defiant).
- The December 2025 airdrop drew disputes over sybil filtering, and an appeals process was set up.
Links
This is a referral link. The author may be rewarded when you sign up or trade. What is written here is not tied to those rewards.
Sources
This page is for information only and is not a solicitation to use any crypto asset or service. Airdrops and their amounts are not guaranteed, and you may lose the funds you deposit.