## After Lighter Airdrop, Large Capital Outflows Follow—Is the Market Reacting Normally or Is It a Cause for Concern?

An unusual movement of capital has occurred immediately after the token distribution on the decentralized perpetual futures exchange Lighter. On-chain analysis indicates that approximately $250 million was drained within 24 hours of the airdrop, accounting for about 20% of the platform’s total value locked (TVL).

**Withdrawal Patterns: Dispersed Across Ethereum and Arbitrum**

Nicolas Vaiman, CEO of Bubblemaps, shared details with CoinDesk about this withdrawal event. The outflow is distributed across multiple networks, with roughly $219 million on the Ethereum blockchain and about $52.2 million on Arbitrum. At first glance, this might seem like a sign of platform abandonment, but Vaiman points out that the situation is more complex.

**Industry Expert Analysis: Is This a Normal Market Cycle?**

According to Natalie Newson, a senior blockchain security researcher at CertiK, large withdrawals following a token generation event (TGE) are not uncommon. They often occur as early participants and airdrop farmers adjust their positions and shift capital toward the next profit opportunities. Vaiman also supports this view, stating, “Users are simultaneously adjusting hedge positions and reallocating capital to new farming opportunities.”

In fact, similar patterns have been observed on other DEX platforms like Hyperliquid and Aster, and it is highly likely that PERP DEX, Paradex, Extended, and others will experience the same phenomena.

**The Dual Nature of Market Performance**

The movement of the LIT price is complex. As of December 30, it had fallen from $3.37 to about $2.57, a decline of nearly 23%, but recent data shows it has recovered to $3.01. This price fluctuation suggests an ongoing market adaptation process.

Meanwhile, in terms of trading volume, November saw figures ranging from $8 billion to $15 billion before the airdrop, but recently, it has decreased to around $2 billion. This trend tends to correlate with the decline in token price.

**TVL Fluctuations and Structural Stability**

According to DeFiLlama, Lighter’s total assets under management amount to approximately $1.4 billion. The $250 million outflow represents about 18-20% of this total, but Vaiman emphasizes, “While this number looks significant, it does not indicate fundamental issues with the platform’s health.” Instead, it should be viewed as a natural reallocation of capital within a liquid market environment.

The lack of transparency in new token distributions remains a concern, as insiders could potentially extract excessive profits early on. However, the withdrawal event on Lighter itself aligns with industry-standard behavior. The market is steadily moving toward maturity.