#代币经济设计 Seeing the detailed整理 of the Lighter phone call, there are several points worth our careful consideration.

First, the transparency of the tokenomics design gives me a sense of reassurance. The framework of 25% initial airdrop, 25% reserved for future use, and a three-year vesting period shows that the team is indeed considering the long-term ecosystem. But here’s a reminder—don’t be dazzled by the early airdrop numbers. What truly determines the token’s value are the subsequent real-world applications and ecosystem development, not just how much was received initially.

Second, regarding the withdrawal restrictions and buyback mechanisms, my understanding is: these are technical measures to protect ecosystem stability. Even if centralized exchanges (CEX) push hard, the inability to withdraw significantly raises the difficulty of dumping, which actually protects long-term holders. But from another perspective, this also means liquidity will be limited for a period, and risk and opportunity always come hand in hand.

Finally, I want to say that promises of no hidden rewards and no special incentives are precisely what I value most. The simpler and more transparent the rules, the better participants can make rational judgments. But this also reminds us—not to blindly follow big players’ operations, but to decide our participation pace and scale based on our own position management plan and risk tolerance.

As TGE approaches, maintaining a steady mindset is more important than anything else.