Zero-fee exchange model, where does the money come from? Lighter relies on clearing fees and market maker(LLP) profits to support the entire valuation system.

Looking at the current financial data makes it clear—these two revenue streams are the entire pillar supporting the company's valuation. Essentially, it's a replication of the "small profits but quick turnover" network effect: as trading volume increases, other profits naturally follow.

According to estimates, this part of the revenue is approximately $200 million. How is the market valuation determined? Between $3.2 billion and $3.9 billion, corresponding to a revenue multiple of 16 to 20 times. This kind of pricing is quite interesting—it indicates that many institutions are involved in the pricing process. Otherwise, such a tacit understanding wouldn't be possible, with none of them trying to take a bigger share from the others. This in itself reflects a relatively high market consensus on this model.