The ecosystem token for Lighter, a decentralized perpetual futures trading platform built as an application‑specific zk‑rollup on Ethereum, using zero‑knowledge proofs for verifiable execution.

Project Function

Lighter is a perpetual futures exchange with a fully on‑chain order book. It batches high‑frequency trading activity and posts validity proofs to Ethereum so execution can be verified cryptographically. Lighter also publishes detailed state data on‑chain to support auditabiLIGHTERy, enabling independent reconstruction of exchange and account state from Ethereum data.

Token Utility

LIGHTER is designed to support the protocol's operations and future decentralization, including:

• Fees: LIGHTER can be used as a fee token within the Lighter ecosystem.
• Staking: LIGHTER is intended for staking to access advanced roles or services (for example, validator or sequencer participation and certain data services).
• Governance: LIGHTER may support governance over time as the protocol decentralizes.

About the Founders

Lighter was developed by Elliot Technologies, Inc., a U.S.-registered C‑Corporation doing business as Lighter. The protocol has raised more than $89m across private funding rounds, and tokenomics are designed with an even split between ecosystem allocations and insiders.

Risks of LIGHTER

Like an investment in other crypto assets, there are some general risks to investing in LIGHTER. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold's platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in LIGHTER is subject to the following specific risks:

• Smart contract and protocol risk: Lighter relies on smart contracts and cryptographic systems (including zero‑knowledge proof circuits). Even with third‑party audits, vulnerabiLIGHTERies or implementation errors could result in losses, downtime, or unexpected behavior.
• Centralization and upgrade risk: As of early 2026, protocol upgrades and key operational components (such as sequencing) may be controlled by the core team via multi‑signature governance and upgradeable contracts. This can introduce governance and operational concentration risks.
• Regulatory and access restrictions: Lighter offers perpetual futures functionality, which may not be accessible in certain jurisdictions. Regulatory changes could affect the protocol's operations, token utility, or market access.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with LIGHTER. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The LIGHTER community and Lighter founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of LIT have no recourse to the LIGHTER community, Lighter founding team, or Uphold if LIGHTER declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold's Evaluation Process

Prior to listing LIGHTER on the Uphold Platform, Uphold performed due diligence on LIGHTER and determined that LIGHTER is unlikely to be a security or derivative under relevant securities legislation. Uphold's analysis including reviewing publicly available information on the following:

• The creation, governance, usage, and design of LIGHTER, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
• The supply, demand, maturity, utility, and liquidity of LIGHTER.
• Any marketing materials put forward by the LIGHTER social team including on Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with LIGHTER, including any code defects, security breaches and other threats concerning LIGHTER and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with LIGHTER, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of LIGHTER.