Lighter split its liquidity into segmented strategies: crypto perps, FX, and RWAs like tokenized stocks. Each pool shares infrastructure but isolates risk completely. This solves the expansion problem. When you want to add Korean stocks or FX pairs, you don't need to convince existing LPs to take on that risk. They just spin up a dedicated strategy and let risk-tolerant depositors opt in. There is no cold start problem because the infrastructure was designed for it from the start. If Lighter builds meaningful volume in non crypto derivatives while keeping its core pool protected, the segmented liquidity bet could pay off.(Delphi Digital)