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I know BTC is king, and I know BTC and LTC are leading lightning network and I know XSN is one of the only projects innovating on lightning besides the other 2. However, I am unsure why it matters?Can someone explain to me why lightning matters? How does it work?

Why is masternodes collateral necessary?

Stakenet's idea is to put its second layers - the Masternode (MN) network and the Lightning Network (LN) - at the service of each other, and to bridge between the different blockchains with Lightning Network.

Stakenet's MN will be:
- LN nodes, providing more decentralization to the LN.
- LN watchtowers, offering more security to the LN.
- Bridge nodes between the different blockchains with Lightning Network (BTC, LTC, ...).

Stakenet's MN will use their collateral to provide liquidity to LN, i.e. instead of having the collateral 'stuck' in the MN, it will be used to open large LN channels in order to route LN payments.

Stakenet will offer Lightning Swaps, i.e. swaps between two different cryptocurrencies on the Lightning Network.
Lightning swaps - which are off-chain and therefore instantaneous and with little fees - should not be confused with Atomic Swaps which are on-chain and therefore slow (need to wait for confirmation on both blockchains) and expensive in fees.

Lightning Swaps will be the basis of Stakenet's Decentralized Exchange (DEX), which will run on Stakenet's Masternodes.

Why can't people just swap directly to one another on LN? Why is a lightning node necessary?

Users dont need their own Lightning Node to do Swaps they just connect to the network we have. You need the network to keep track of all the transactions and monitor the balances otherwise what would verify everything

In fact, each Stakenet wallet is a Lightning node, but the advantage of the Stakenet wallet is that it is a light multi-currency wallet (with desktop and mobile versions), which means that you don't have to download the 240 GB Bitcoin blockchain or the 22 GB Litecoin blockchain to be able to use the Lightning Network, or to make Lightning Swaps.

Interesting, because the way I understood it, was that the masternodes running the dApps, host the blockhains on their servers, to make it easy to connect with the DEX (No syncing time), this sounds pretty cool actually, more decentralization isn't a bad thing, no?

What I mean is that masternodes will be LN full nodes (hosting the blockchains), serving the Stakenet wallets which are LN light nodes (or light clients).
The LN is a second layer. To be able to use LN, you need to open LN payment channels. Since Stakenet wallet is a (light) LN node, it is able to open such channels, so you can make LN payments and LN swaps.