Event Snapshot On 11 October 2025 the crypto market suffered the largest forced-liquidation in history: roughly 19 billion USD in total margin calls. Decentralised perpetual futures venue Lighter froze for hours, leaving users unable to close or hedge positions. Its liquidity-provider pool (LLP) lost 5.35 %, reigniting industry doubts about whether Perp-DEX architectures can survive violent moves.Tech Blueprint – How Lighter Was Built Lighter runs on zkLight, a bespoke ZK-Rollup Layer-2. Four...