TL;DR:
- Lighter’s new RFQ system conceals the commerce path (purchase or promote) from whitelisted market makers.
- The platform combines requests for quotes with its present public order e-book in a hybrid format.
- The announcement coincides with a pattern of competitors in opposition to perpetual contract exchanges like Hyperliquid.
Throughout Thursday’s session, the DeFi protocol Lighter introduced the launch of the beta part of its new Request-for-Quote (RFQ) characteristic for its real-world asset (RWA) markets.
Saying Lighter RFQ in beta! Obtainable on the net app on eligible RWA markets.
Enter and exit bigger positions in a single click on with decrease slippage and higher pricing. pic.twitter.com/i8wsuTWOxH
— Lighter (@Lighter_xyz) Could 20, 2026
With this launch, the platform seeks to facilitate the motion of huge volumes of capital by decreasing the influence on worth slippage (slippage). In accordance with knowledge revealed by the Lighter protocol, the mechanism operates in such a manner that, when initiating an RFQ, whitelisted market makers can view the asset and the transaction measurement, however not the dealer’s intention to purchase or promote.
The hybrid mannequin versus pure programs
The agency’s technical proposal differs from current choices within the DeFi sector, resembling Variational, whose construction is predicated solely on pure RFQ networks with out public order books.
Knowledge from Lighter’s report counsel that its hybrid method maintains the normal order e-book. Market makers inject extra liquidity into mentioned public e-book after receiving the RFQ alert, which improves execution circumstances for the consumer.
The ultimate order is processed straight by means of the platform’s order e-book, permitting the dealer to overview the up to date worth estimate earlier than giving last authorization to the transaction.
This design is projected to be most helpful for institutional or large-scale operations that, below regular circumstances, would disrupt worth steadiness in markets with shallower depth.
At the moment, RWA-based derivatives markets current themselves as a extremely aggressive house for perpetual contract exchanges. In accordance with the trade’s present pattern, requests for quotes present massive merchants with cleaner entry and exit factors in RWA markets, which usually file thinner liquidity in comparison with extremely established cryptocurrency perpetuals.
The testing part of this protocol will stay energetic over the approaching weeks, a interval throughout which the response of licensed market makers shall be validated earlier than its definitive deployment.
