Currently, lighter can only operate under the ADL mechanism. In this kind of market, the vault and traders are indeed at odds, but if the vault is not considered, long-term liquidity will be severely restricted. The funds participating in vault investments are inherently seeking relatively stable returns, and these funds are extremely sensitive to losses and drawdowns. Bigger vault funds → better liquidity → better trading slippage and depth → higher trading volume Lose the vault, lose everything.