Lighter is evolving from an exchange into infrastructure others can build on.

The Partner Attribution program lets any developer build a trading app on its perp and spot infrastructure. Wallet in Telegram was the first large implementation, giving users native perps trading with Lighter on the backend.

To support liquidity depth, Lighter also introduced the Liquidity Partner Program which pays $250K a week to market makers on its RWA books, with heavier weightings on commodities and equity perps.

The test is whether builders show up.

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