Almost no perp DEX is fully onchain – and that's by design
And that's not necessarily a red flag
The usual setup: trades and balances live offchain. Some system – DAC, sequencer, validator – batches updates and posts proofs to L1
You want fast fills, not Metamask popups and not stuck transactions
That's how you get speed – someone else runs the orderbook, fills your trades, keeps track of balances and you just hope they do it right
That means somewhere in the stack, you trust someone
– @Lighter_xyz posts zk-proofs to Ethereum but still relies on timely state publishing
– @extendedapp uses a DAC – a small group that signs and posts state roots. They plan to migrate to Starknet, where all data would be stored directly onchain – removing the need for a DAC
– @paradex runs on Paradex Chain. Orders execute offchain, state gets proven and posted to Ethereum. You still need the latest state to exit, so trust assumptions stay similar
Others take a different route – instead of bridging to Ethereum, they build their own chain
– @HyperliquidX has a custom chain with their own validator set. You get speed and low fees, but trust shifts to their infrastructure
– @dYdX v4 runs on Cosmos. It's fully onchain there, with public validators and verifiable data. You can run your own node and verify everything, though you still trust the validator set to operate honestly
That kind of design just isn't feasible on Ethereum. Gas costs and latency make real-time orderbooks impractical
So most perp DEXs compromise – offchain execution, onchain settlement, maybe some proofs in between
Is it trustless? Not really. It's a spectrum – and most lean closer to "trust our infra" than they admit
Is it bad? Depends what you're solving for. If you're a bit of a paranoid, you won't love this setup – but if you just want trades to go through and not think about sequencers and DACs, it works
If you want fast fills and CEX-like UX, that offchain layer is what makes it possible
Just don’t confuse "no gas" with "no trust"
stop shilling @Lighter_xyz pls
airdrop allo isn't infinite and I'd like to grab a bigger slice myself
but honestly my life changed a lot once I stopped paying fees
Lighter’s total revenue is $67M
That’s around 7% of Hyperliquid’s total revenue
About 40% of that comes from liquidation fees and those were earned by LLP depositors
We are announcing the Lighter Infrastructure Token (LIT)! Lighter is building infrastructure for the future of finance and the native token is key to aligning incentives. In this thread, we will describe the structure of the token, broader vision, and roadmap of use cases.
3 THINGS YOU GOTTA DO TO GET RICH
- trade perps on @Lighter_xyz
Not tryna hate on Pacifica or other perp DEXs but honestly Lighter seems like the only one that can really run side by side with Hyperliquid
- build on @base
Just got an invite to BaseApp so I'm starting to dig in. The most underrated thing right now is building on Base. I'd say give mini-apps a try – lots of potential there
- make predictions on @Kalshi
Seems like the prediction market meta is gonna be the next big wave right after the perpDEX meta
@plutos_eth@Polymarket@opinionlabsxyz@yzilabs cz tries to kill everything he cannot control
but his ideas only work for a week
I think he just needs to find something new and useful to do and stop trying to be antagonistic
lighter's llp holders just made $22m from a failed manipulation attack. attacker burned millions trying to push $hype from $46 to $98 but external oracles prevented any liquidations. hyperliquid lost the same battle on xpl with $10b volume. $lit launching at $4-6b fdv suddenly looks cheap when your oracle design prints money from attackers
Apps to use for potential $BASE airdrop
- @baseapp (all-in-one hub, gives triple exposure since all posts also go to @farcaster_xyz + all coined posts go to @zora)
- @farcaster_xyz (onchain social media giving users ownership over their data + social graph, makes up 83% of all txs on Base)
- @zora (onchain social network turning posts into coins/NFTs)
- @sportfun (fantasy game with tradeable player shares + future $FUN)
- @virtuals_io (AI agent launchpad)
- @MorphoLabs (DeFi lending protocol)
- @AerodromeFi (top DEX providing liquidity + funding Base eco grants)
- @clankeronbase (agent deploys tokens when tagged in a Farcaster post)
- @bankrbot (agent allows users to manage trades via simple text commands on X/Farcaster)
- @limitless (predictions market)
Pools on @Lighter_xyz: 10-second return check
NAV Is Your Starting Point
NAV (net asset value) is just the price of one share in the pool
Your personal return depends on how that NAV changed from when you got in to when you got out
Other people adding or pulling money doesn't affect your share price – only the strategy's PnL and internal fees move the NAV.
Operator Fee Made Simple
Public pools take an operator fee – a cut of your profits when you withdraw
If the fee is 30% you keep the other 70%. No profit no fee
The 10-Second Formula
- NAV now ÷ NAV then − 1 = pool gain
- if fee 30%: 0.7 × pool gain = net profit
- payout = deposit × (1 + net)
Example (Guinea Pool)
Entry: Sept 26 – NAV 1.947; exit: Oct 26 – NAV 3.281
Gross return = +68.5%. After a 30% operator fee we got net = +48%
$1000 deposit turns into about $1480 on exit
Guinea Pool has been one of the strongest ones in my feed
On the Oct 10 crash I watched Guinea print roughly −40% and then snap to about +40% within a couple minutes. Looked like the pool synced to the market fast