Concerns Behind LIT's Valuation Surge to $2.7 Billion: Revenue Plummeting and Fundamentals Losing Balance

【Crypto World】Lighter Perpetual Futures Exchange has just completed a funding round, with its valuation soaring to an outrageous height. $68 million in funding, a $1.5 billion valuation, plus a 25% airdrop ratio, makes the fully diluted valuation (FDV) roughly $2.7 billion. How exaggerated is this number? Just look at competitors like Pump.fun and Jupiter — Lighter has already surpassed them.

Why are investors so optimistic? The reasons are obvious: whales are疯狂扫货, community enthusiasm is off the charts, and trading volume can rival top-tier protocols like Aster and Hyperliquid. Some even boldly predict that Lighter’s FDV could catch up with Aster’s $5.5 billion.

It sounds indeed tempting, but don’t be blinded by these numbers. The problem is—after the airdrop lands, daily revenue drops from $1.5 million to $150,000, a frightening decline. Even more heartbreaking, its fundamentals are clearly inferior to Hyperliquid, yet its valuation is higher — this logic simply doesn’t add up. In the long run, it’s hard to say where the value growth path for LIT lies. Risks and opportunities are truly on the table this time.