Will Price

changes somewhere else, like wherever the underlying is trading, whether it's NASDAQ or Binance or anywhere else, market makers can update their quotes and they can avoid getting what's called picked off by what are called toxic traders.

And so from an architectural standpoint, with all the market makers that I've spoken to, they really like this architecture and they consider it a very fair playing field.

Yeah, so we're not approaching NASDAQ scale latency quite yet.

You know, we're on the like 8 to 10 millisecond range, whereas NASDAQ is, I think, at least another order of magnitude faster than that.

But it's faster than competition in the decentralized space for sure.

But certainly there's lots of room to improve and all of the microstructure experts at trad firms with their microwave towers would laugh.

You got to start somewhere.

Yeah, I think one like North Star here is we want the order book to be what you see is what you get.

And obviously, you know, there may be an organic price change between the time you decide to click the button and when you click the button.

But, you know, we don't want surprises and we don't want people to feel like they're being taken advantage of.

So, yeah, I think that's a good summary, David.

But, but one thing to keep in mind is lighter didn't just choose ZK to sound smart.

They chose it because it was a good architectural fit for what they were trying to build.

And, uh,

The same thing with Ethereum.

They chose Ethereum for security because it's a good architectural fit for what they're trying to build, which is an application-specific roll-up that is very opinionated about the design choices it makes to support the application of trading, whatever those assets are, whatever those instruments are.

And so that's led to, I think yesterday, Lighter had something like over 10,000 transactions per second, which is far and away the most in the Ethereum ecosystem, while only using maybe 1% of the blob space.

Something like Base, for example, somewhere around 100 transactions per second.

Technically, anyone can generate the proofs.

It's just why would they?