For those curious about decentralized exchange design, here's what makes Lighter and Hyperliquid fundamentally different 🧵

The key distinction? Their consensus mechanism.

Hyperliquid operates on social consensus—trades get validated when 24 validators reach agreement. It's a straightforward quorum-based approach where network participation directly determines transaction finality.

Lighter takes a different architectural path. Rather than relying on validator consensus alone, it implements an alternative source of truth for trade settlement.

Both aim to solve the throughput and decentralization puzzle, but through contrasting designs. One prioritizes validator coordination, the other explores alternative trust models.

If you're building or analyzing DEX protocols, understanding these mechanical differences is crucial for evaluating security tradeoffs, censorship resistance, and network scalability.