Intern notes from @lighter_xyz's Q2 Investor Call > 100% of revenue keeps going to buybacks. 6M LIT were bought back in Q2, while half the circulating supply is currently staked. Staking yield has a 6% target > Token burns will be performed. Value from Lighter products and services will keep accruing to tokenholders rather than having a hybrid equity/token model > Lighter is operating the world's largest proving infra: 3053 Apple Silicon Mac Minis optimized for high-throughput ZK proving. The system processes hundreds of millions of orders per day, then uses ZK proofs to verify batches of trades, cancellations and liquidations approx every 30 minutes. > Infra optimizations helped cut costs by more than 50%. P99 latency over WebSockets was also reduced from a variable 200ms+ to 55ms. A detailed technical post will be shared soon. > During Q2, a fireside chat was held with Vitalik, and @l2beat independently verify Ligter's escape hatch > More than 25 new RWA markets have been added during Q2, including STRC, SpaceX, and pre-IPO futures like Anthropic and OpenAI. OI grew steadily (currently 21.5%), with volumes sustaining around 12% of the platform's total > The Beta RFQ program processed more than $1B in volume, materially improving execution for RWAs and long-tail assets > Advanced TWAP, atomic orders, and chase-limit orders are now live on mainnet, with more advanced order types being developed > USDC and ETH are live as collateral, with ~ $4.2M ETH currently on the platform. Q3 Roadmap includes more stablecoins, tokenized gold, LLP, BTC, stocks, alongside a risk-margin model for correlated positions > Long term, Lighter wants users to post tokenized equities as collateral and reuse that margin across perpetuals, options, and yield opportunities > Lighter is now available through the @RobinhoodApp Wallet. The instance features volume-linked fees, and a 50/50 revenue share with higher maker fees. 11M LIT incentives will be distributed on the instance > Lighter is expanding distribution across crypto-native and mainstream consumer businesses. Integrators have generated $6.4B in total volume, including $2.7B in retail volume through the @wallet_tg integration > Lighter does not plan to compete as a general-purpose blockspace network. Instead, Lighter EVM is intended to provide revenue-generating trading infrastructure: an admin layer, with atomic execution and a programmable interface to Lighter’s matching engine > Roadmap includes Lighter Domains, independent execution environments connected through Lighter EVM, and shared canonical bridge infrastructure > Options are a central part of the roadmap. They will cover both RWA and crypto markets and enable on-chain structured products and yield strategies. Lighter also expects its derivatives-license work to cover options > The ecosystem keeps growing, with 60+ apps built on top of Lighter, as reported by Lit Hub > Team is working closely with the CFTC on a path to becoming a regulated US exchange capable of serving US customers. Regulatory progress could unlock institutional adoption and additional distribution opportunities, with ZK-based counterparty permissioning as a way to support KYC and institutional compliance without publicly exposing user data