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Lighter's updated Economics 🕯️
TLDR
@Lighter_xyz zk-tech stands out as the most efficient platform for trading perpetuals and is poised to expand further. Retail traders save billions in fees, while high-frequency traders and market makers contribute a 0.002/0.02% fee on combined maker/taker volume to ensure liquidity since the update. This puts Lighter into the driver seat for retail trading transformation and MM fairness. Its current valuation sits conservatively at $4.395 billion without accounting for future growth.
Here is why👇
The Game Changer
Lighter now offers premium accounts tailored for high-speed traders, including market makers, marking the beginning of an exciting evolution in its ecosystem and the biggest liquidity influx for retail traders.
Technicals of the premium account
Account Fees: 0.002% Maker, 0.02% Taker
Maker/Cancel Latency: 0ms
Taker Latency: 150ms
This setup empowers traders to execute strategies with lightning fast precision, providing liquidity at a remarkable 0 millisecond maker/cancel latency, which is a game changer for high frequency operations.
Moon Math
Based on the updated data, let’s refine the economic model. Assuming a daily trading volume of 2 billion USD as inferred from, with the original 4 billion USD split into retail and HFT/MM segments. Calculating with only $2 bn is being charged, and estimating that 33% of this volume comes from maker-side trades and 67% from taker-side trades which is a common split in HFT/MM activity:
HFT/MM Revenue Calculation:
Maker-side revenue
33% × $2 billion × 0.00002 = $0.0132 million
Taker-side revenue
67% × 2 $billion × 0.0002 = $0.268 million
Total daily revenue
$0.0132 million + $0.268 million = $0.2812 million
Annual Revenue:
$0.28 million × 365 = $102.2 million per year at current levels, with applied discounts for efficiency.
Valuation:
Using a conservative FDV-to-earnings ratio of 43, the lowest among peers the valuation is:
$102.2 million × 43 = $4.395 billion
Airdrop Valuation:
With 10.5 million points and a 30% airdrop, the value per Lighter point is = (0.3 × $4.395 bn ÷ 10.5 million points = $125.54 per point, reflecting the current valuation without factoring in future growth.
An extra thought on market cap
Lighter can buyback the whole market cap at this valuation in under 5 years with a growth of 20% per year. Let that sink in
The future of trading
Spot trading is on the immediate horizon, expanding trading options, while equity trading is poised to be there one day too, bridging traditional finance with DeFi and promising a new era of flawless trading and investing.
Sources
perpetualpulse.xyz
apibetadocs.lighter.xyz/docs/account-t…
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