Lighter, a decentralized exchange (DEX) that offers permanent futures trading, conducted the largest token offering in crypto history, even as critics continued to question how the project distributed its token supply.
According to blockchain data visualization platform Boblips, Lightweight AirDrow announced a total of 75,675 million worth of Lightweight Infrastructure Tokens (LIT) to early participants on Tuesday. “Early participants were airdropped for early participants,” Bobbombs wrote in a Tuesday X post.
According to crypto data aggregator Congeco, the $675 million flight makes it the 10th largest airdrop in cryptocurrency history by dollar value.
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Light airdrops surpassed 1-inch Network’s $671 million airdrops for 10th place, but trailed Locarrier’s $712 million airdrops from 2022.
However, 75 675 million pals compared to the value of 6.43 billion dollars distributed through UNISWAP airdrops in 2020, the largest in the industry to date.
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Holder tokens are held after the generation event
Some of Lighter’s early adopters, such as the pseudonymous crypto-investor Didi, reported receiving airdrops of more than six figures from Dax.
As of Wednesday, about 75% of Airdrop recipients were holding tokens, while 7% of recipients had purchased more bright tokens on the open market, indicating confidence in the long-awaited Dax token, according to data shared by blockchain sleuth Arundex in an X-post.
Still, investors have raised concerns over Liter’s toconomics, as 50% of Lite’s supply is reserved for the ecosystem, while the other 50% was allocated to the team and investors, with a one-year mount and multi-year vesting schedule.
Some community members pointed out that allocating 50% of the team to a DeFi project was excessive, while others criticized Tokonomics for simulating the model offered by its main competitor, Hyperliked.
According to crypto intelligence platform Nancy, the Lite token stood at 78 678 million market capitalization as of 11:20 am UTC.
However, traders who buy at current price levels may only benefit from “short-term trading,” as crypto investor Casa wrote in an X-post on Tuesday for long-term market opportunities.
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