How do zero-fee trading platforms actually make money? Taking emerging DEXs like Lighter as an example, when all trading fees are set to zero, the traditional revenue model based on fees becomes completely invalid. So the question is: what is the business logic of these platforms? Do they rely on market maker incentives, token economics, or other innovative monetization methods to sustain operations? Can this type of model be sustainable in the long term, and is the underlying financial model design reasonable? It’s worth deep consideration.