After completing a $68 million financing round, reaching a valuation of $1.5 billion, and conducting a 25% airdrop, the fully diluted valuation (FDV) of Lighter (LIT) Perpetual Futures Exchange has reached approximately $2.7 billion, surpassing competitors like Pump.fun and Jupiter. Investor optimism mainly stems from large whale purchases, active community engagement, and trading volumes comparable to top protocols like Aster and Hyperliquid. Some even predict that LIT's FDV could match Aster's $5.5 billion. However, analysts also point out certain risks, including a drop in daily revenue from $1.5 million to $150,000 post-airdrop, a weak fundamental basis despite a high valuation compared to Hyperliquid, and an unclear long-term growth outlook for the token.