#代币经济设计 After reviewing Lighter's TGE plan, the tokenomics design still has some nuances. 50% allocated to the community + 25% airdropped without lock-up, this ratio indeed leans towards the community, but the key is not in the percentage itself, but in how it is executed later.

The buyback mechanism does not specify a concrete amount, which is a detail worth paying attention to—this is often where the most empty talk occurs. I've seen many project teams verbally promise buybacks, only to end up with "moral coercion." However, Lighter's strategy of trading first on their own platform before listing on CEX is relatively prudent, at least maintaining initial liquidity.

What truly attracts me is that they do not have official NFTs—this removes a lot of schemes to cut leeks. The team’s direct denial of meme coin rumors also shows restraint. The issue is that, no matter how high the community incentive ratio is, whether sustainable value flow can be formed ultimately depends on trading depth and user stickiness.

The mobile app aiming to match CEX level is a test of execution capability. From a copy-trading perspective, I will continue to observe the performance of traders on the Lighter platform—no matter how elegant the token design, real trading volume and high-quality operators are necessary to support the ecosystem. I will decide whether to follow related traders’ positions after the mainnet launches.