#代币经济设计 Looking at Lighter's phone records, there are several details worth scrutinizing carefully.

First is the tokenomics design—this is the core indicator of how long a project can survive. Lighter's framework seems relatively restrained: 25% airdrop in the first round, 25% reserved for future use, and investors locked for 3 years. Compared to projects that dump 50% liquidity into the market at TGE, this design is at least less short-sighted. But the question is, how will the remaining 50% be allocated? How much goes to founders, the team, and ecosystem incentives? This affects whether there will be frequent sell-offs later. The information isn't fully transparent; we have to wait for announcements. This in itself is a signal—highly sensitive data is often only revealed at the end.

Second, regarding CEX listing and withdrawal restrictions—I've seen this logic many times before. "Unable to withdraw means unable to dump" sounds protective, but in reality, it traps liquidity. It might maintain the price initially, but in the long run, tokens without genuine liquidity will eventually become a swamp. The detail about JustinSun's over 10,000 points is also interesting—what does early large-scale positioning by big players imply? Think about it yourself.

Finally, the buyback plan—they say "there will be an announcement later." In my experience, the more vague the promise, the less likely it is to be fulfilled later. I'm not saying Lighter is definitely deceptive, but such ambiguous statements are themselves a risk signal.

Before tokens truly empower, don't overestimate their value. Observe the airdrop first, and don't rush to become a secondary buyer.