I used to work at a top HFT firm in TradFi, here's why I think 0 fees for retail on @Lighter_xyz is going to completely change the game. 0 fees is an aggressive market-capture strategy, similar to what robinhood did to acquire a large retail userbase. The goal is to capture marketshare very very quickly and become the dominant player in the perp dex market. Valid point from @ericonomic that the model of "0 fees for users, but some fees from HFTs trading against users" will generate less revenue. However, this is missing the forest for the trees. Lighter will only generate less fees on a per $-traded basis, but if it can 1000x its userbase in a short period of time and become the dominant perp market, it's going to generate far more revenue on an aggregate basis. > Users move volume here for 0 fees > HFT traders move volume here for orderflow + keep markets efficient > Assuming all parties act rationally (w.r.t. fee sensitivity), lighter becomes the dominant perp market > A fuck ton of $$$ If you were a trader moving lots of volume, why would you trade on other exchanges and pay tons of fees as opposed to 0 fees? Today, that answer is liquidity + market availability, which @vnovakovski and his team are making huge improvements in as lighter hits mainstream. I leave you all with my favorite quote from Silicon Valley: “The goal isn’t to make some money over time, it’s to make no money and then suddenly a fuck ton of money” btw please use my referral code I need points: 965C6WK5H2JL