Complete summary of Lighter Fireside Chat (Vitalik, Joe Lubin, Vlad Novakovski conversation) Vitalik highly affirmed Lighter Vitalik bluntly stated that Lighter is one of the most successful and noteworthy projects in the new Ethereum ecosystem. He particularly appreciates Lighter as a high-performance Perp DEX on customized ZK Rollup, combining complete Ethereum security, low latency, and extremely low cost. Lighter's current measured performance TPS: Approximately 5000 transactions per second on weekdays, but yesterday the volatile market surged to a high of 20000 transactions. L1 resource consumption: Using only<1% of Ethereum blockspace, only 2-3 L1 transactions are sent per minute. TVL generates approximately $487 million in revenue over the past 30 days, with zero retail transaction fees. Vlad stated that the goal is to achieve a high-performance trading experience at the Nasdaq level. Technical roadmap and progress EVM Sidecar Rollup: It is already running on DevNet and the first batch of applications will be launched in the coming months. Prover cluster: Since its launch, it has expanded 100 times, proving that it is no longer a bottleneck. Currently, the bottleneck lies in system coordination and data transmission. Stage 1 is approaching, the goal is Stage 2. But Vitalik also mentioned that a 30 day upgrade delay may affect the rapid iteration of new native features such as on chain options. Sequencer: Currently, a single sequencer with FIFO sorting is being studied for encrypting mempools using TEE and MPC. Vitalik emphasizes that the focus is not on decentralized sequencers, but on providing users with mathematically powerful anti MEV guarantees. Hybrid DA model: Balance and open positions can be restored from Ethereum (escape hatch is valid), but the order book status is not fully on chain (otherwise it will exceed 100% of blob capacity). User Structure and Product Vision Maker end: 90% are professional market makers/HFTs. Taker end: Retail and institutional are approximately 50/50. Institutions are mainly used for hedging and arbitrage, while retail is mostly speculative. Vitalik hopes to see more positive sum usage scenarios, not just for crypto native needs. Vitalik's most important reminder: Oracles are the 'skeletons in the wardrobe' of the entire industry No matter how hard the ZK proof is or how well Stage 2 is done, it doesn't make sense for Oracle to be a single server. Security is only equal to the weakest link. '' Lighter's current Oracle strategy is to use third-party providers for mainstream markets, AMM pricing for pre-market/niche markets, and futures pricing for crude oil and other commodities, with inputs controlled by sequencers. Long term vision: Universal futures market → Personalized CPI (Consumer Price Index), allowing everyone to hedge against real-world risks such as rent, AI chip costs, and personal consumption baskets. Speculators come first, real financial alternatives come later This conversation is not just about Lighter itself, but also delves deeper into the future of ZK Rollup, the positioning of high-performance applications in Ethereum, scaling roadmaps, and the next steps for DeFi. Vitalik's Oracle criticism and personalized financial vision became the most discussed highlight of the entire event!