We scored multiple projects this week. Here are a few you should know about:
Lighter
Aster
LetsBONK.fun
Spark
Please remember that some of these projects still need our code review process. Still, we want to highlight them here because they initially caught our attention through our fundamental analysis process.
1. Lighter - 68.33%
Sector - DeFi
Status - Mainnet Beta
Lighter is a cutting-edge perpetual trading protocol built on Ethereum. It leverages zero-knowledge (ZK) roll-up technology to deliver a scalable, secure, and transparent trading experience. By utilizing custom ZK circuits and advanced cryptographic methods, Lighter ensures verifiable matching and liquidations. It positions itself as the first exchange to offer cryptographically proven fairness and correctness in every operation, with all actions publicly verifiable on Ethereum.
The protocol addresses high costs and latency issues in traditional decentralized exchanges by providing low-cost trading with market-leading latencies of less than 5 milliseconds. It uses a specialized zk-rollup called zkLighter for off-chain computation and on-chain verification. Currently in private beta, Lighter's mission is to revolutionize trading by building a provably fair, secure, and scalable infrastructure for finance.
1.1. Features
Verifiable Matching Engine: Ensures fair and secure order book matching with cryptographic proofs, guaranteeing strict price-time priority for transparent trade execution.
High Performance: Executes tens of thousands of orders per second with latencies under 5 milliseconds, rivaling traditional exchange performance.
Self-Trade Prevention: Cancels resting orders to avoid unnecessary fees and position changes from self-trades, enhancing user efficiency.
Advanced Order Types: Supports market, limit, stop-loss, take-profit, and TWAP orders, offering flexible trading strategies for diverse user needs.
Public Pools: Enables users to pool funds for operator-managed trading, with profits shared after fees, fostering collaborative investment opportunities.
No Transaction Fees: Currently offers free trading, making it cost-effective for users during the beta phase.
Zk-Rollup Technology: Utilizes zkLighter, a purpose-built zk-Rollup, for scalable and secure off-chain computation with on-chain verification.
1.2. Token
Lighter has a live points program where early participants can test, trade, and provide feedback to earn points.
1.3. Investors
2. Aster - 69.58%
Sector - DeFi
Status - Active
Aster is a next-generation decentralized perpetual exchange designed to serve traders of all experience levels, from beginners to professionals. Following the 2024 merger of Astherus and APX Finance, Aster, backed by YZi Labs, offers a versatile platform supporting multiple blockchains, including BNB Chain, Ethereum, Solana, and Arbitrum, with a tech stack that includes decentralized perpetual contracts and advanced trading interfaces.
It addresses accessibility and efficiency challenges in DeFi trading by offering Simple Mode for one-click, MEV-resistant trading with up to 1001x leverage and Pro Mode for advanced tools and deep liquidity.
Aster also provides yield-generating products like Aster Earn and the USDF stablecoin, convertible 1:1 with USDT and designed for passive returns. With a $70M market cap for USDF, $440B in trading volume on the Aster platform, 1M users, and a TVL of $297M, Aster is committed to building a fast, flexible, and community-driven DeFi ecosystem.
2.1. Features
Dual Trading Modes: Simple Mode offers one-click, MEV-resistant trading with 1001x leverage; Pro Mode provides deep liquidity and advanced tools for sophisticated traders.
Aster Earn: A yield-focused product offering up to 30%+ APY on staked BNB, USDT, BTC, and CAKE, with real-time reward updates.
USDF Stablecoin: A yield-bearing stablecoin convertible 1:1 with USDT, generating passive returns through delta-neutral strategies.
Margin Trading: Supports cross and isolated margin modes for amplified positions and effective risk management.
Dumb Mode: A unique price prediction feature for minute-by-minute market forecasting, engaging users in market analysis.
Multi-chain Support: Operates on BNB Chain, Arbitrum, Ethereum, and Solana, ensuring broad ecosystem accessibility.
Multi-chain Liquidity Aggregation: Unifies liquidity across blockchains without bridging, ensuring deep and efficient liquidity pools.
2.2. Token
Aster has a live points program, where users can deposit and trade on Aster Pro to earn extra Rh points and BONUSUSD. Rh points are Aster airdrop points, and BONUSUSD is a unique token that can be used as collateral when trading perpetuals on Aster Pro (BNB Chain).
2.3. Investors
3. LetsBONK.fun
Sector - Launchpad
Status - Active
LetsBONK.fun is a decentralized launchpad platform developed by the BONK community for creating and launching meme coins on the Solana blockchain. Launched in April 2025, it simplifies token issuance, making it accessible to users without advanced technical skills. It uses Solana's high-performance network and integrates with Raydium's decentralized exchange for liquidity and trading.
The platform addresses transparency and security issues in the meme coin market by offering a self-serving launchpad where users can view tokens at various stages, reducing predatory practices. LetsBONK.fun has quickly gained traction, generating nearly $7M in cumulative fees.
The biggest token on this launchpad by market cap is $USELESS, which was launched in May 2025, as a satire to the crypto industry's obsession with utility, intentionally offering no utility, no roadmap, and no whitepaper, embracing its uselessness as a core meme.
Within days of launch, $USELESS went viral on social media, with memes and influential Solana community members driving awareness and trading activity. It is now trading at a market capitalization of $93M. The coin's narrative and viral appeal have attracted significant trading volume and liquidity, with large holders making substantial profits during its meteoric rise.
3.1. Features
Memecoin Launchpad: Simplifies the creation and launch of memecoins on Solana, lowering technical barriers for non-expert users.
Integration with Raydium: Provides seamless liquidity and trading capabilities through Raydium's decentralized exchange.
Referral Program: Rewards users with a percentage of fees for referring teams to launch tokens, encouraging community participation.
Transparent Token Viewing: Users can view tokens at different stages, enhancing transparency and informed decision-making.
Support for Solona Ecosystem: Allocates a portion of fees to support the BONKsol validator and BONK token burns, strengthening Solana's network.
4. Spark
Sector - DeFi
Status - Active
Spark is a leading on-chain asset allocator within the Sky Ecosystem. It deploys capital across DeFi, CeFi, and Real-World Assets (RWAs) to create a scalable yield engine for stablecoin holders. Operating on Ethereum and Base networks, Spark's tech stack includes non-custodial smart contracts and integrations with top DeFi protocols like Aave and Morpho, offering savings, lending, borrowing, and liquidity provision products.
It addresses yield optimization and accessibility challenges in DeFi by providing high-yield savings through the Sky Savings Rate, overcollateralized borrowing via SparkLend, and automated liquidity provision through the Spark Liquidity Layer.
With a total value locked (TVL) of $6.6B, comprising $3.4B in SparkLend, $3.9B in the Liquidity Layer, and robust security measures including multiple audits and a $5M bug bounty program, Spark is a trusted and innovative DeFi protocol.
4.1. Features
Savings with sUSDS: Deposit stablecoins to receive sUSDS tokens that grow in value via the Sky Savings Rate, which are withdrawable anytime with zero slippage.
SparkLend: A decentralized liquidity market for lending and borrowing assets like ETH and wstETH with transparent, governance-determined rates.
Spark Liquidity Layer (SLL): Automates liquidity provision across networks and DeFi protocols, optimizing user yield.
sUSDS Token: Tokenized USDS deposits that earn returns while maintaining flexibility for transfer, staking, or lending.
Spark Rewards Program: Offers weekly token rewards from partner DeFi projects for participating in ecosystem growth activities.
4.2. Token
$SPK is the native governance and staking token for the Spark protocol, with a total supply of 10 billion. It empowers holders to participate in decision-making through voting and signaling mechanisms. Beyond governance, users can stake $SPK to help secure the network and earn rewards such as Spark Points and additional incentives from partner protocols.
The 65% supply allocated to Sky will be distributed to users through Genesis farming, with the distribution rate gradually decreasing over time. $SPK is listed on leading centralized exchanges like Binance, Coinbase, OKX, Bybit, and others, as well as the decentralized exchange Uniswap.
