#代币经济模型 The data adjustment after Lighter's token issuance largely aligns with expectations. Open interest has decreased by over 20%, and trading volume has dropped by over 30%. These are normal retracements following the end of the liquidity mining phase, indicating that there was indeed a significant amount of speculative capital in the early stages.

The key lies in the valuation logic: the $2 billion FDV at this price point warrants attention. Breaking it down, the current market is sideways and somewhat bearish, with new tokens often under pressure. However, if the project can build positions within this valuation range, the subsequent profit potential is relatively clear. The issues boil down to two points—first, whether Lighter's fundamentals can support this valuation (such as trading volume, user stickiness, fee models), and second, the timetable for token unlocks and circulating supply release.

Early users and LPs involved initially will face dilution, which is inevitable. But for later investors, this actually presents a clearer entry opportunity. Data fluctuations themselves are signals, automatically filtering out the truly confident funds.

It is worth continuously monitoring large on-chain transfers and inflows into exchanges, especially the movements of institutional addresses, as these are more indicative than short-term secondary market volatility.