#代币空投与分配 The Lighter airdrop distribution is complete, and this needs to be carefully analyzed.

It appears to be a well-structured allocation plan: 50% for the ecosystem and 50% for team investors, with 12.5 million points airdropped directly, roughly accounting for 25% of the fully diluted supply. Sounds good, but I must remind everyone that there are several details worth cautioning about.

First, the 50% allocated to the team and investors has a 1-year lock-up period plus a 3-year linear vesting. This is crucial — in other words, the majority still remains in the hands of insiders. 26% goes to the team, 24% to investors, and after the unlock period, these will gradually flood the market, posing a risk of price dumps later on.

Second, the remaining 25% of ecosystem tokens are reserved for future points seasons. In other words, this airdrop is just the first round, with subsequent rounds, second, third, or even N rounds to follow. This is a form of ongoing dilution — each new points season could dilute the value of your tokens. I’ve seen many projects with this pattern, and ultimately, the token price gets diluted to the point of devaluation.

Another point that’s easy to overlook: the official statement says "25% of the fully diluted value." How is this number calculated? What is the total circulating supply? Without understanding this, you have no idea what your points are ultimately worth.

My advice is not to get carried away by the thrill of an airdrop. First, observe the initial performance after trading opens, see if the team is genuinely pushing the product, and whether revenue can be tracked on-chain. If trading starts with a dump or there’s no substantial business growth after several months, then this is a classic "mining + airdrop + exit scam" routine.

Having tokens doesn’t mean making money; surviving long enough is the real skill.