Lighter AMA Summary Q1 Performance: Trading volume $250 billion, revenue $14.4 million. Only active trading users remain after the airdrop ended. For the time being, the proportion of trading in RWA (gold, commodities, stocks, etc.) is expected to grow larger than that of pure crypto. They admitted that while they launched RWA early, their response to stocks and commodities was delayed, and communication with the community was lacking. The plan is to grow Lighter not just as a simple coin exchange, but as an on-chain financial platform based on US regulations and Ethereum. Their stance is to directly pursue a CFTC license, rather than circumventing regulations under the pretext of being DeFi, in order to target the US market and institutional funds. Going forward, they plan to allow the use of USDT, ETH, BTC, LIT, LLP, and others as collateral, in addition to USDC. The structure allows Lighter EVM developers to build apps on top of Lighter, with a goal of launching the mainnet in late Q2 to early Q3. Plans include introducing MM incentives dedicated to RWA and significantly expanding Korean stock Puffs and tokenized stocks again. In the long term, a direction was presented to build not only Puffs but also an on-chain options platform. Currently employing a strategy of establishing Lighter as a trading infrastructure by partnering with various entities, including Telegram Wallet. It was emphasized that buybacks have been executed more regularly since February and will continue programmatically. The AMA indicated a focus on moving significantly toward RWA, US regulations, and on-chain financial infrastructure rather than short-term pumps.