Ozgwei

Developer | Researcher
Humanity is left behind

[Reflect @reflectmoney]

Drift published their recovery plan today, and we wanted to move quickly to give USDC+ beta holders clarity on what it means from the Reflect side.

If you held USDC+ at the time of the April 1 exploit, the most important thing to understand is that your path to claiming looks different from a direct Drift depositor.

USDC+ holders don't have individual Drift accounts in their snapshot. Reflect's vaults were the depositing addresses, which means when Drift issues recovery tokens, they are allocated to Reflect first and need to flow downstream to the people who actually held the position.

We anticipated this early, and we've had a claims portal designed and ready to bridge that gap, so that USDC+ holders can redeem for the Drift recovery token through Reflect without ever needing to interact with Drift directly. When their claim window opens, targeted for Q2 2026, we plan to be live as early as possible so there are no unnecessary delays on our end.

USDC+ is how you access your claim, with the portal mapping your holdings to a proportional share of recovery tokens based on the snapshot taken at protocol pause on April 1.

We are in regular contact with the Drift team and actively engaging on the governance decisions ahead that affect downstream protocols. Since April 1, this team has been focused on one thing: making sure that when the recovery path opens, every affected USDC+ beta user has a clear, fast, and informed route to their claim.

We believe that ecosystem collaboration matters most in moments like this, and our priority is achieving the strongest possible outcome for the people affected. That means more than just passing through a recovery token. We expect to share more on what that looks like in the coming weeks, and we want to thank everyone who has been patient with us while we've worked through this. It has not gone unnoticed.

The full details of how Drift's recovery token works, how the recovery pool is funded over time, and what the trade-offs around early versus later redemption look like are all covered in their post. We'd encourage reading it carefully. Link below.

[Vladimir Novakovski @vnovakovski]

We are proud of being first to launch Korean equity perps last week! Starting today, these markets support cross margin and have increased liquidity provided by LLP. If you were affected by lower liquidity prior to that, please submit a Discord ticket.

https://t.co/j5F4gdEsxt

[Lighter @Lighter_xyz]

Watch our founder CEO join a fireside discussion about Ethereum, Lighter, and the future of finance with Tom Lee live, starting in a few minutes.

https://t.co/3ve2fBooUb

[Ozgwei @ozgwei]

That feels like a lifetime ago 🥲

[bong @bon_g]

Christmas Eve 7 years ago.

[Ozgwei @ozgwei]

@robert_jones0 Send

[Ozgwei @ozgwei]

Another poker tournament by @fuegonft

Sunday, Dec 21
5pm UTC
300 players (FCFS, no late reg)

Play for fun, good vibes & Top 5 get Community WL 🔥
GLHF!

[Ozgwei @ozgwei]

@satoshiheist @fuegonft We are fuego 🔥

[Ozgwei @ozgwei]

If you're interested in @Lighter_xyz and what's happening around the project, I'd recommend checking out @fuegonft.
They're running community poker tournaments right now - a fun way to spend some time.

As a bonus, Top 5 finishers earn the "Community WL" role 😎

We are Fuego 🕯️

[Lighter @Lighter_xyz]

Spot trading has been enabled for ETH/USDC and market makers are starting to provide liquidity for the pair - at zero fees!

[Ozgwei @ozgwei]

@vnovakovski We are looking forward to it 🕯️

[Ozgwei @ozgwei]

Got my points from @Lighter_xyz - 0.56 for 53k volume, stacking little by little.
By TGE I might farm 3-5 points, and I'm farming @extendedapp points in parallel too.
We keep grinding

[Ozgwei @ozgwei]

Waiting for the points update from @Lighter_xyz on Friday, but so far I've already got 1.18 points - not too bad.
And yes, I'm trading with a pretty small deposit, so I'm happy with the progress.

[Ozgwei @ozgwei]

@trippan0 I did about 53k in volume but only got 14 points trading SUI, SOL and ETH. Crazy how good your results

[Ozgwei @ozgwei]

Waiting for the points update from @Lighter_xyz on Friday, but so far I've already got 1.18 points - not too bad.
And yes, I'm trading with a pretty small deposit, so I'm happy with the progress.

[Ozgwei @ozgwei]

Planned to hit 300k volume on @extendedapp this week but only managed 53k 😅
Got 14 points for it - 3 less than last week.
Okay, guess I’ll just keep stacking slowly.

[Ozgwei @ozgwei]

After reading @Cbb0fe post I started trading on @Lighter_xyz and @extendedapp.
Today Extended dropped points I got 17 pts for 47k volume. Was holding positions 2-4 days, wasn’t great.
Next week I’ll try to do >300k volume, seems like better EV for points.

[Ozgwei @ozgwei]

@notEgoyard I would choose Roronoa Zoro 😤

[Eugene Bulltime.🕯️ @Eugene_Bulltime]

What will happen when Robinhood integrates Lighter?

I'm 100% sure that Robinhood plans to integrate PerpDEX, and Lighter is the most obvious option.

RH is actively entering a new growth phase, and this is showing phenomenal results:
1. Added crypto spot trading - $268M revenue in Q3, 300% growth YoY
2. Acquisition of Bitstamp - volume increased 2.5x in 5 months to $600M/day
3. Integration with Kalshi - volume grew 6x to $1.3B/week

Robinhood is significantly strengthening its partners.

Why? The answer is quite simple:

- one of the most popular trading apps in the world and Web2
- a huge user base – 27M users with 13M MAU
- opens access to derivatives instruments and significantly simplifies them

Why Robinhood will integrate Lighter

1. Vlad Tenev and Vladimir Novakovski have been friends for the past 20 years
2. Vladimir Novakovski was Robinhood's first advisor
3. Robinhood made its only venture investment – ​​Lighter
4. Robinhood plans to integrate all Web3 financial instruments, and PerpDEX will be the crown jewel of the company's crypto direction
5. Robinhood and Lighter share the same business model – 0% fees for users, making integration significantly easier

--- I don't see why this won't happen ---

Integrating Robinhood alone will bring a value more than integrating with Metamask, Rabbit, and Phantom combined, as their audiences are radically different: DeFi degens vs. traders.

What impact will this have on Lighter?

We can roughly estimate the value this integration will bring to Lighter.
To do this, let's do some calculations:

1. Robinhood's crypto spot trading volume is $80B in Q3 2025, or ~$900M/day.
2. The spot to futures volume on CEX averages 1:5 (based on data from Binance, ByBit, OKX, and others, as well as the overall derivatives to spot ratio in the global market).
3. This means that Perp Volume at Robinhood will be ~$4.5B/day ($900M * 5).
4. All of this volume will go directly through Lighter.

Furthermore, this will create a new revenue stream for both projects.

- Robinhood can charge a commission on top of Lighter's, while Lighter can earn an additional $100-$150M from this integration in a conservative scenario.
- Lighter's user base could reach 5M in the worst case.
- OI will grow by an additional $2-$3B to reach ~$5B.

What's most interesting is that this data is based only on Robinhood's current state.
But if you look at how its crypto metrics are growing, I expect to see further growth several-fold over the next 2 years.

This will significantly increase Lighter's revenue, among other things.

Lighter will also become the most used PerpDEX in the world, leaving its competitors far behind and getting as close as possible to the leading CEXs.

And this is just because of one integration.

-------------

This thing is not yet included in the price.
Like Ethereum composability.
Like DeFi composability.
Like the safest PerpDEX in the world.

Lighter's revaluation will be so significant that you will be shocked.

[Ozgwei @ozgwei]

@Ferrari4u2 Spot

[Ozgwei @ozgwei]

After reading @Cbb0fe post I started trading on @Lighter_xyz and @extendedapp.
Today Extended dropped points I got 17 pts for 47k volume. Was holding positions 2-4 days, wasn’t great.
Next week I’ll try to do >300k volume, seems like better EV for points.