#代币空投与分配 Seeing Lighter's recent moves, I feel a mix of emotions. Anti-cheating measures, reallocation of "whale" accounts—these strategies are unthinkable during the ICO frenzy of 2017. Back then, token distribution was essentially a game of information asymmetry, with everyone trying to scoop up more.

I remember projects like Bancor and EOS, where whitelist mechanisms were virtually useless, bots flooding the system, whale addresses piling up—ultimately diluting the rights of genuine users to a chaotic degree. Project teams often turned a blind eye, since once tokens were issued, market fluctuations were just market behavior.

This time, Lighter chose to confront this longstanding problem head-on, and the key lies in their understanding of a crucial lesson from history: unfair initial distribution ultimately erodes the trust foundation of the entire ecosystem. Their measures—appeal mechanisms, clustering algorithms for screening, redistribution of points to qualified traders—may look like simplifications, but in reality, they are repairing what should be a healthy mechanism.

Most interestingly, they explicitly stated they will not adopt dual-token or equity structures; value is only accumulated in the token. This echoes many projects' past struggles—issuing tokens while also managing equity, only to have both systems eventually undermine each other, leaving investors inexplicably diluted.

Of course, the lack of transparency about algorithm details has its pros and cons. Transparency often comes at the cost of security, and in the highly adversarial field of anti-cheating, this is indeed a tough challenge. But having an appeal channel in place is a significant step forward compared to those projects in the past that offered no explanations at all.

History tends to repeat itself, but each repetition should cost less. This move at least shows that some project teams are starting to learn from past lessons.