How Lighter Powers Robinhood Perps With USDG as the Quote Asset

Robinhood Chain perps now run on Lighter. Vlad Novakovski maps the revenue split, the USDG collateral risk, and the race for a US perps license. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Robinhood Chain went live last week, and the perpetual futures powering it are from Lighter, the onchain exchange Robinhood backed before Lighter launched its token. Vlad Novakovski, founder and CEO of Lighter, joins Laura Shin to unpack a partnership he says has been building since he and the Robinhood founder were high school classmates. He details a 50/50 revenue split, why USDG as collateral creates friction for market makers, and how a pending CFTC license would cover Robinhood's own front-end too. Novakovski also addresses the crowded field forming around US perps, from Kalshi and Coinbase to Kraken and dYdX, and makes the case that onchain volume keeps gaining share even as crypto native tokens lag real world asset perps. His new seat on the CFTC Innovation Advisory Committee puts him in the room as regulators decide what a DEX has to look like to operate onshore. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host / Unchained Guests: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Vlad Novakovski - Founder and CEO of Lighter Timestamps 🤝 01:28 Why Vlad calls the Robinhood Chain deal "12 years in the making" and how the revenue is split 🤓 03:40 How Robinhood perps differs from Lighter's own app 💸 05:03 What if means if USDG is the quote asset on Robinhood's perps and USDC is the quote asset on Lighter 💬 11:04 Novakovski on Lighter's Telegram Wallet deal vs Hyperliquid's builder codes 📣 12:50 Cape: Get 33% off six months of privacy first mobile service at https://cape.co/unchained 💼 13:44 Fidelity: Explore crypto and DeFi careers at https://crypto.fidelitycareers.com 📉 14:31 Why RWA perps are hitting highs while crypto native perp volume cools ⚠️ 18:00 How Lighter prices liquidation risk when tokenized stocks are collateral 🏛️ 21:14 Novakovski on the regulatory pathway DEXs need to move onshore Learn more about your ad choices. Visit megaphone.fm/adchoices