Lighter, as a decentralized perpetual contract trading platform, has recently officially launched its native token $LIT and has been listed on several top-tier exchanges for spot trading. According to the token allocation plan announced by the team, 50% is allocated to the ecosystem, which is further divided into two parts — 25% has already been airdropped based on the results of the 2025 points season (accumulating over 12.5 million points in the first two seasons), and the remaining 25% is reserved for future points seasons, partner incentives, and ecosystem growth.

How is the other 50% of tokens distributed? 26% to the team, 24% to early backers, both with a 1-year lock-up period and a 3-year linear release. The idea is simple — to prevent short-term dumping. The project team also stated that all future revenues generated by the protocol will be directed to $LIT holders, possibly through buybacks or similar methods to reward the community, but no specific plans have been announced yet.

However, once this distribution plan was released, the community immediately exploded. Many people categorized it as a typical VC capital model, which is far from projects that truly focus on the community. For comparison, Hyperliquid’s $HYPE — at token launch, 76.2% of the supply was directly allocated to the community (including 31% initial airdrop and 39% subsequent community rewards and releases), with almost no allocation to private investors. That’s what true community-first looks like.

In contrast, the proportion left for all future airdrops and incentives by Lighter seems quite modest.