The post raises concerns about Lighter's revenue model, which charges institutional makers and HFTs while offering zero fees to retail users. This strategy is seen as potentially unsustainable compared to traditional exchanges like Hargreaves Lansdown (HL), which reward high-volume traders with lower fees. While the author is bullish on the Lighter team, they anticipate a challenging path to achieving significant revenue, suggesting potential headwinds for the platform's long-term financial viability.