Lighterotc

Lighterotc is an over-the-counter matching protocol deployed on Arbitrum, trading Lighter points and certificates for projects that have not issued a token yet, settled in USDC. It addresses the fact that points-type assets can only be quoted privately and lack delivery guarantees. Both buyer and seller must post margin first, the contract performs two-sided settlement on a match, and if either side defaults the deposit goes to the counterparty. The protocol was founded in 2025.

In narrative terms it is an OTC matching layer for points and pre-issuance assets, differing from spot DEXs in the state of what is traded: the instrument has no reference secondary market price, so quotes form purely through bilateral negotiation. In October 2025 Lighter points were quoted over the counter at about 100 dollars per point, and that price served as the reference for pricing deals on the protocol at the time. Margin is denominated in USDC and the instrument itself is never custodied by the protocol; on settlement the contract moves both deposits at the agreed price.