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Trader Loses $2M Swapping ETH for LIT as Lighter Token Rallies 53%

GateNews
Capital FlowPrice Volatility
ETH0.62%
LIT9.13%
According to Lookonchain data, a trader yesterday swapped 1,126.44 ETH (approximately $2.01 million) for just 5,776 LIT tokens (valued at $14,208), resulting in a $2 million loss. The trader paid roughly 140 times LIT's market price of $2.46 at the time of execution, likely due to extreme slippage in the shallow liquidity pool. LIT, the token of Ethereum-based perpetual futures exchange Lighter, rallied 53% over the week and traded near $2.60 at the time of writing. Lighter's momentum followed a July 2 token burn that destroyed 15.5 million LIT, representing 6.3% of circulating supply, as the platform began its permanent buyback-and-burn program.
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