#代币持有者收益 Looking at Lighter's token distribution plan, I have to give you a heads-up. 50% for the team + investors, with only 25% reserved for future airdrops—this ratio is indeed a bit tight. Compared to Hyperliquid, which has 42.88% reserved for subsequent airdrops, the difference is quite clear.

The key issue isn't whether the team should profit, but under this structure, 26% for the team + 24% for investors will start linear unlocking over 3 years after one year. What will the selling pressure look like in the later stages? Annual revenue drops from 377 million to 66.5 million, and trading volume only decreases by 60%, indicating that a significant portion was previously driven by farm traffic. The decline in genuine paid demand puts considerable pressure on price stability.

My suggestion: if you want to participate in Lighter's airdrop, focus on the 25% already received and the subsequent incentive arrangements. Don't expect the token itself to have much upside; the gains should come from the interaction itself. In comparison, Extended's roadmap is clearer—cross-asset contracts, perpetual stocks, mobile platforms, with tangible implementations. Instead of obsessing over the distribution mechanism, it's better to focus on how much activity rewards you can get for free. That’s the right way to maximize gains.