#代币空投与分配 Seeing Lighter's token distribution plan, my first reaction was to pull out a comparison chart from a few years ago about Hyperliquid. Giving 50% to the team and investors, and only reserving 25% for future airdrops—this ratio is indeed quite aggressive in today's projects, but looking five years ahead, how might the story unfold?

I've experienced too many cycles. During the 2017 airdrop craze, project teams often kept the majority for the community, but most of those projects ended up dying completely. Later, it became clear that early risks are indeed valuable—those projects that are still around now, the teams hold significant shares. Ripple was also criticized for its VC model back then, but XRP has persisted to this day. Lighter's choice to directly issue tokens through a US C-Corp is essentially betting on one thing: that legal transparency can translate into long-term trust.

What truly matters isn't the current controversy, but two upcoming signals. First, the transfer of 2.5 billion LIT into the platform—this indicates liquidity supply is ready. Second, revenue has dropped from 377 million to 66.5 million, an 82.5% plunge that looks alarming, but trading volume only fell 60%, suggesting there was some farm activity mixed in previously. Once the market digests this actual revenue level, it could instead serve as a stable basis for valuation.

The key is whether the 1-year unlock cliff can withstand the volatility in 2026. This design is essentially betting on the patience of long-term holders. If Lighter's DEX revenue stabilizes or even rebounds in Q2 and Q3, then the 50% distribution becomes a sound decision for balanced power. Otherwise, it’s a different story. It’s still too early to draw conclusions, but this structure already leaves enough reference points in history.