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Lighter Token Unleashed: Billions in Value
2 Jan
Summary
- Lighter, a top decentralized exchange, airdropped its LIT token on Tuesday.
- The token's valuation exceeds $2.5 billion, surpassing investor expectations.
- Lighter operates on Ethereum as a layer 2 and offers a fee-free model for most users.
Lighter, a leading decentralized perpetual futures exchange, successfully airdropped its native LIT token this past Tuesday, generating significant market interest. The token debuted above $3.30, stabilizing around $2.50, and placing the protocol's valuation above $2.5 billion. This figure notably surpasses the $1.5 billion valuation reported from its $68 million funding round in November.
Developed by Florida-based Elliot Technologies, Lighter functions as a layer 2 solution on Ethereum, facilitating both spot and perpetual futures trading. Since its January launch, it has emerged as a major player, recording over $201 billion in trading volume in the last 30 days. The exchange, modeled after Robinhood, typically charges no fees for most users, only implementing charges for market makers and high-frequency traders since September.
Employees and investors received half of the total one billion LIT tokens, subject to lockup and vesting periods, while early users were airdropped a quarter of the supply. The remaining tokens are allocated for future growth initiatives and reward programs. The utility of LIT includes functioning as a fee token and incentivizing verifiable data through staking for trading and risk management.
