Lighter believes the next frontier is a true convergence where decentralized exchanges can match or exceed the performance of centralized venues, forcing both to vie for the same pool of traders. The legacy dominance of centralized rails still limits DeFi's impact, and recent crises have shown that traders still gravitate toward familiar centralized platforms.
View full episode →“Retail orders are internalised and rarely hit the exchange, giving brokers and market‑makers the profit”
“Meme‑stock rallies gave retail traders a louder voice, but institutional participants still dominate price formation”
“Institutions value retail participation because it generates fee revenue (PFOF) and keeps markets liquid”