#Uniswap费用机制升级 Recently, I have been paying attention to the latest developments of Lighter, and there are indeed some highlights worth discussing!

The token buyback mechanism is a crucial step. In traditional finance, stock repurchases by listed companies are to enhance per-share value; in the Web3 world, Lighter’s buyback plan follows a similarly clear logic—fee income is not distributed as dividends to investors but flows back to the protocol itself, used for ecosystem expansion and most importantly, token buybacks. This truly returns value to token holders rather than centralized accumulation in a vault.

50% of the tokens are allocated to the community, 25% are a lock-free airdrop, and another 25% are reserved for future airdrops—what does this distribution reveal? It indicates that the team has strong confidence in long-term ecosystem development, not rushing to cash out, but genuinely aiming to incentivize participants. Plus, with no hidden rewards and no backend allocations, it reflects the practice of decentralization.

Another impressive detail: even if CEXs forcibly list the token, users cannot withdraw it. This indirectly protects the stability of the early ecosystem and prevents dumping risks. The unified margin mechanism, mobile app, prediction markets in Q1 next year… it’s clear that there is an ambitious product iteration plan.

This is the development direction I support—relying not on hype, but on genuine product upgrades and mechanism design to accumulate value. The future of decentralized trading lies in such details.