#Lighter项目代币发行 Seeing this round of Lighter's operations, I have to say some heartfelt words. The US C-class companies issuing tokens, 100% revenue backflow, airdrops before unlocking—on the surface, it looks compliant and impressive, but this is precisely what I am most wary of.

First, let's talk about the airdrop. 250 million LIT tokens unlocked and directly dumped, accounting for 25% of the total supply. The information even states that "short-term, this will inevitably lead to significant selling pressure." Folks, this is not good news; it's a prelude to dumping. Early users receiving the airdrop's first reaction is to sell, the market depth hasn't built up yet, and the price drops straight down. I've seen too many projects play like this, and in the end, the ones who end up holding the bag are the later entrants.

Then there's the promise of "100% revenue backflow." It sounds appealing, but think about it—revenue includes trading fees and data subscription fees, all of which are traceable on-chain, so no problem there. The issue is, can today's promise be changed tomorrow? When will protocol governance start? When will token holders have decision-making power? There's no clear statement on these. I've seen too many projects promise one thing and then do another in execution.

Finally, a reminder—although the team and investors hold 50% of the tokens with a 1-year lock-up period, that's after one year. Current retail holders of LIT need to think carefully about what will happen when the team begins linear unlocking after a year. When the market isn't mature yet, a large unlock could cause a serious risk.

I'm not saying Lighter is bad, but no matter how good the token design sounds, it can't change one fact—the retail investors are always pawns. First, they get in, then the whales cash out. This routine has been around for years. Be sure to manage risks well and don't be blinded by the illusion of airdrops.