Lighter (LIT) token captured the headline with one of the largest airdrops. The token was in the spotlight, as some members were confident in the project. However, some are raising eyebrows given the high proportion of the airdrop reserved for insiders.
LIT captured the second place on CoinGecko’s trending listicle with one of the largest airdrops. On Tuesday, the Lighter token ecosystem airdropped $675 million worth of Lighter Infrastructure Tokens (LIT) to early adopters, one of the largest airdrops.
75% of airdrop recipients refrain from selling
Unlike other cases where the recipient sells the token, about 75% of airdrop recipients held onto the tokens, while 7% purchased additional LIT on the open market. When recipients hold on to the tokens, rather than selling the freely received tokens into the open market, it indicates that they either have faith in the project or they want governance.
While some believed and held onto the tokens, others did not have the same optimistic view about the project. Rather than believing in the project, they believed that the Fully Diluted Value (FDV) in the 2 billion to 3 billion range is less about fundamentals and more about hype. The FDV is the aggregate value of the total tokens in circulation.
One crypto enthusiast in particular stated, “‘Reasonable’ when you factor in tight float and early demand, but let’s be real: that’s smoke and mirrors until unlocks hit. FDV at this stage is basically a marketing number; it flatters the project while hiding the dilution risk.
If Lighter’s perps don’t deliver sustained volume and real fee capture, the 3B dream collapses fast. Narratives can pump it for a while, but without hard revenue growth, anything above 2B is pure speculation dressed up as valuation. The next few months won’t just “matter”; they’ll decide whether $LIT is a serious protocol or just another inflated launch riding temporary liquidity.”
Perpetual derivatives are connected to crypto prices because arbitrage traders and market makers constantly keep them aligned with the spot market. When a perpetual contract trades above the spot price, traders sell the perpetual contract and buy the underlying crypto, and when it trades below spot, they do the opposite. If it’s lopsided, the higher funding rate is charged to neutralize the effect.
Meanwhile, Lighter community members raised concerns about the tokenomics that it followed. The project allocated 50% to its team and developers, whereas the standard followed by projects is just 15%–25% of the total token supply to the team and founders and 15%–30% to investors and venture capitalists.
When they hold 50%, it means they get to make decisions and set the direction of the project, disrupting the whole idea of decentralization.
