#空投和代币分配 Only three days left until Lighter TGE. Looking at this Q&A excerpted from the big investor call, I have some thoughts I want to share with everyone.

Over the years, I’ve seen many airdrops and token distributions, from the high-priced airdrops in the early days to various chaotic practices later on. Lighter’s current plan design is indeed worth pondering. The initial release of 25% of the total supply, with another 25% reserved for future airdrops—this pacing is interesting. It avoids the risk of dumping all at once and leaves enough incentive for the project. I’ve seen too many projects struggle to maintain ecosystem activity because their early airdrops were too aggressive.

What concerns me even more is their understanding of tokenomics. Instead of a dividend model, they’re recycling transaction fees for buybacks and ecosystem expansion—this idea isn’t new in 2024, but the clarity and transparency of execution make all the difference. The setting that “CEXs can’t withdraw even if they push hard” shows the team is seriously protecting against dump risks. That’s no small matter.

Justin Sun holding over 10,000 points also reveals an old issue—large holders have inherent advantages. But from an on-chain rule perspective, at least it’s transparent and not manipulated behind the scenes. Compared to projects with completely hidden distributions, this level of openness already shows sincerity.

The three-year vesting period for investors, coupled with Coinbase’s roadmap endorsement and the founder’s compliance setup in Washington—this combination looks serious. This isn’t a project that can survive just by hype and concepts.

History has shown that a good token distribution model often determines whether a project can survive its first cycle. Lighter’s depth of thought on this point is at least worth watching.