Lighter XYZ has launched its zero-fee perpetual decentralized exchange (DEX) on the Ethereum mainnet, aiming to revolutionize cost-efficient trading. Announced by crypto strategist Jordi Alexander on October 2, 2025, the DEX is expected to significantly impact Ethereum trading volumes by attracting traders seeking low-cost perpetual trading solutions. The platform, which emphasizes a first-principles design approach, is led by Alexander, a notable figure in the DeFi space. The launch is anticipated to drive liquidity and total value locked (TVL) growth, potentially mirroring the success of other DEXs like dYdX and GMX. Ethereum serves as the primary settlement asset, with possible positive effects on related tokens.