Lighter caused a stir yesterday with the launch of LIT. The DEX specializing in perpetual contracts distributed the equivalent of 675 million dollars in LIT tokens to its early users, marking one of the largest airdrops ever conducted in the crypto industry.
A Massive Airdrop and a Rush for Withdrawals
The airdrop took place on Tuesday and involved early participants in the Lighter ecosystem. In total, 675 million dollars of LIT were distributed, while around 250 million dollars were reportedly withdrawn directly from the platform within 24 hours of the event. This amount places Lighter just ahead of the 1inch Network airdrop, estimated at 671 million dollars, but still behind LooksRare’s in 2022, reaching 712 million.
Uniswap’s airdrops in 2020 and more recently Hyperliquid, reached billions of dollars redistributed, heights never before equaled. Nevertheless, for a project launched recently and in a tense market period, the scale of Lighter’s operation marks a major milestone and attracts the attention of the entire DeFi sector.
Limited Retention After Token Launch
Significantly, the majority of recipients did not immediately sell their tokens. According to data shared by several on-chain analysts, about 75% of addresses that received LIT still hold them. Even better, nearly 7% of recipients reportedly increased their position by purchasing additional tokens on the secondary market.
Some early users reported significant gains, sometimes exceeding six figures, reinforcing the image of a particularly generous airdrop. This high retention contrasts with the typical patterns seen after many launches, often marked by immediate selling pressure.
Tokenomics Dividing the Community
Despite these positive short-term signals, the LIT supply structure continues to draw criticism. The distribution allocates 50% of tokens to the ecosystem and 50% to the team and investors, with a one-year lock-up period followed by a vesting schedule spread over several years. Token buybacks, which had many investors dreaming, have not been clearly defined.
For a portion of the community, this team-oriented allocation is considered excessive for a DeFi protocol, fueling debates on the long-term sustainability of the project.
A Market Still Cautious in the Long Term
At the time of writing, LIT token was trading above $2.70, with a market capitalization of around 678 million dollars. These levels reflect genuine interest, but also a certain caution. Several investors believe that at current prices, LIT is more of a short-term trade than a structural bet.
To capitalize on this, Lighter will need to demonstrate its ability to maintain high volumes on its perpetual contracts and, above all, to retain its users over the long term. The airdrop created a stir. The next steps will depend on the actual adoption of the protocol and its ability to convert this massive distribution into sustainable economic activity.
