#代币经济学与设计 Wait, the founder of Lighter directly said that 50% of the tokens are allocated to the community, with the points program taking the majority? That's the key point! The previous concern about "VC cutting the leeks" has been addressed. But what I care more about is—how is the tokenomics actually designed? Can it truly capture value, or is it just another air token scheme?

His logic is interesting—comparable to retail investors holding brokerage shares in traditional finance, now realized on-chain. Theoretically sound, but how about in practice? Perpetual contracts + spot + unified margin, how to handle risk control? If the liquidation mechanism, ADL, and other details are not properly managed, even the best tokenomics are useless.

The most impressive part is the "50% community distribution." If it really materializes, this move is worthy of those waiting. But also beware—if the points redemption ratio shrinks again, it will be another round of "the ideal is full, but reality is harsh." Tomorrow is TGE; whether the token price can rise depends on market sentiment and subsequent product delivery. Those rushing in now should be cautious.