2025-12-28 11:23:18

Lighter's token mechanism design, based on pre-market pricing and listing plans, essentially leaves only one path.

The key lies in the airdrop allocation ratio. The official reserves 25% for airdrop distribution. Based on the current pre-market valuation, this corresponds to approximately $800 million in liquidity. In industry comparisons, Hyperliquid's airdrop size is about $1.18 billion.

From this perspective, Lighter's airdrop design is almost an inevitable outcome—aiming to maintain the reasonableness of pre-market financing pricing while ensuring sufficient liquidity release. The combination of these two constraints limits the scope of the token distribution plan. This is not a matter of project team choice, but an inherent aspect of the market mechanism itself.

HYPE-1.49%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

6 Likes

Reward
6
5
Repost
Share

Comment

0/400

BearMarketGardener

· 7h ago

25% Airdrop, 800 million in liquidity, this logic really has no argument It's the same old tired fundraising pricing game, every project has to play it HyperLiquid is right there, compared to it, Lighter actually has nothing new Is it an inevitable market mechanism? Honestly, it's just an inevitable way to harvest profits from retail investors... But to be fair, there are many projects designed like this, they all share the same nature

View OriginalReply0

LiquidityOracle

· 7h ago

25% Airdrop? Same old trick, just like with Hyperliquid, trading back and forth Another token design "kidnapped" by market mechanisms 800 million in liquidity sounds good, but in the end, retail investors are the ones holding the bag This logical chain is almost too perfect, it feels like it's just protecting the financiers Lighter was forced into this by financing pricing; besides a massive airdrop, there's no other way out I just laugh when they say it's inevitable. If the project team knew it would turn out like this, isn't it their own doing?

View OriginalReply0

MEVHunter

· 7h ago

The release of 800 million dollars in liquidity, in simple terms, means huge pressure on the coin's price. This math problem can't be avoided.

View OriginalReply0

OnchainFortuneTeller

· 7h ago

It's the same old story again. An $800 million airdrop sounds impressive, but in reality, it's just diluting us early investors. This logical loop is too slick; market mechanisms must be maintained? Basically, it's about protecting the valuation for fundraising. With a 25% airdrop share, it seems like Lighter hasn't considered any other strategies. Hyperliquid's approach worked, and now everyone wants to copy it, resulting in less and less innovation. The concepts of liquidity adequacy and fundraising valuation sound impressive, but in reality, they're just ways to help early investors cash out smoothly. Honestly, this kind of analysis looks very professional, but most participants end up losing money in the end. I just want to know, after this $800 million is fully released, how much of the coin's value will remain?

View OriginalReply0

FundingMartyr

· 7h ago

$800 million airdrop, this number alone sounds very tempting 25% isn't particularly special; the key is who ends up with it Hyperliquid's 1.18 billion is just sitting there, the project team has no choice Liquidity and pricing are always competing with each other To put it simply, it's driven by the market, not some innovative design

View OriginalReply0