Vladimir Novakovski on Why Lighter Is Built for the Future of Finance

·39 min·3 clips

Vladimir Novakovski reveals Lighter's new EVM and universal cross-margin system, aiming to merge DeFi and TradFi.

The episode begins with host Andy welcoming Vladimir Novakovski to discuss Lighter's progress post-token launch. Vlad highlights two major initiatives: the Lighter EVM, which will allow Ethereum developers to deploy apps directly on Lighter, and universal cross-margin, enabling assets like ETH as collateral. He notes these are in DevNet and early stages. Vlad then discusses market volatility, stating Lighter pays attention to customer demands for assets like crude oil while focusing on long-term vision. The conversation shifts to regulation, where Vlad explains Lighter's engagement with D.C. policymakers and the CFTC's Innovation Advisory Committee. He describes how zero-knowledge proofs can enable flexible KYC rules, allowing different counterparty preferences in the order book. Andy probes Lighter's regulatory advantage, and Vlad emphasizes sensible rules over unfair advantages. Next, Vlad responds to a critique from Logan Jastramski about Lighter's sequencer model, arguing decentralization is on the roadmap but not the current priority. He stresses verifiability through open-source code as a core value. The host brings up Lighter's partnership with Telegram, which added 23,000 users, and Vlad notes the integration works even with centralized front-ends. Andy asks how Lighter benefits from zero-fee retail users, and Vlad explains revenue comes from maker fees, with buybacks already occurring. They discuss valuation dynamics, with Vlad pointing to three unlocks: Lighter EVM for Ethereum composability, tokenized TradFi assets for efficiency, and U.S. licensing. He compares the space to traditional exchanges, suggesting multiple players can succeed. Vlad reflects on Lighter's TAM, noting the vision of merging TradFi and DeFi remains unchanged, but the sequence of tokenization versus perp trading has shifted. He mentions exploring tokenized gold as a spot asset. The episode concludes with Vlad discussing the CFTC's innovation exemption, which he sees as beneficial for early-stage projects, and thanking the host.

As heard by us

Vladimir Novakovski frames Lighter around verifiability, speed, and what developers can build on top.

Lighter's argument turns on a fairly narrow trade: a single sequencer can still protect a core value often tied to decentralization if every action is verifiable and the important code stays open source.

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Why you'd press play

You want to know whether one sequencer can still make a crypto system verifiable.

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