#ZK技术与扩展方案 After watching the Lighter AMA, a familiar feeling popped into my mind—the same déjà vu I had when watching early Synthetix speeches in 2017. Vlad’s logic when discussing ZK technology and scaling solutions essentially reiterates a proposition we’ve repeatedly validated over the past decade: verifiability is the ultimate competitive advantage in DeFi.

Let me elaborate. During the 2020 DeFi Summer, everyone was focused on TVL and APY numbers, unaware that the true winners were quietly building infrastructure that allows users to operate without trusting counterparties. What Lighter is doing now—from ZK circuit ensuring order fairness to data science methods for identifying malicious actors—may sound ordinary, but in the long arc of history, it marks the watershed where L2 exchanges evolve from “money-losing innovations” to “sustainable business models.”

What impressed me most was Vlad’s discussion about regulation. Washington now understands ZK, and they’re even discussing on-chain KYC solutions—something unimaginable three years ago. I remember in 2021, regulators viewed DeFi as monsters and demons. But he’s right; times are changing. Going from impossible to possible often just requires a product that’s good enough and data that looks compelling.

The tokenomics part is also worth pondering. All stakeholders ultimately converge into a token pool. I saw this design early on in Uniswap, but few new projects dare to execute it so purely. The risk is that if trading volume isn’t enough to sustain the ecosystem, the entire incentive mechanism could collapse. But if it succeeds, this model could fundamentally reshape the structure of market participants in finance.

The most visionary aspect, in my opinion, is the focus on mobile and real-world assets. Robinhood’s experience shows us that the key to retaining retail users is the time it takes from “hearing about this app” to “completing the first trade.” Once on-chain fixed income markets open up, this could be a track ten times larger than perpetual contracts.

Overall, Lighter’s story is far from over. Judging by the density of details and strategic clarity in this AMA, it’s not a project relying on subsidies to survive. They are simultaneously leveraging verifiability, user experience, and policy understanding. History tells me that such a combination often signals the maturity of a market.

In the coming months, three key points deserve attention: the specific parameters of tokenomics, the real performance of the mobile app, and when the regulatory barriers in the US market will truly open. These will determine whether Lighter has truly grasped the essence of this market.