The biggest TGE of the year is here, and Lighter's token distribution model really deserves a thorough analysis. Community accounts for 50%, with 25% airdropped in the first round and the remaining 25% reserved for future use. This pacing is very clever.

The key is the "no lock-up restrictions" and "direct to wallet" setup—meaning that recipients of the airdrop can theoretically interact immediately. This is a good thing for many users looking to quickly engage. But it also implies that the project team has strong confidence in their tokenomics and ecosystem capacity.

From an interaction perspective, the current focus is not just on the airdrop itself, but on understanding what will happen after the tokens are distributed. Vlad repeatedly emphasized in the AMA that "value accumulates in the token," rather than through equity dividends. This indicates that token holders' future rights come from ecosystem expansion and transaction fee buybacks. Simply put, the logic chain for token appreciation is: increase in users → higher trading volume → increased fees → buybacks support → increased token scarcity.

I recommend everyone pay close attention to two key metrics before and after TGE: first, the liquidity situation after the initial 25% release; second, whether early trading volume can be maintained. These two indicators directly determine the actual value support of the token. Don't just focus on the airdrop arriving in wallets; more importantly, watch whether the ecosystem can truly gain momentum afterward.