Lighter's TGE airdrop reached $675 million. What is hidden behind this huge sum? It seems zero fee, but invisible costs like spreads and slippage are actually quite painful.

I observe that participants roughly fall into three groups:

**First Group — Early Believers**
They genuinely use the product. They entered early, deeply participate in technical discussions and community building, and are confident in the project's roadmap. These people usually choose to hold long-term and are optimistic about future development.

**Second Group — Systematic Arbitrageurs**
These folks play smart. Cover costs with trading systems, and carefully study the invitation and referral mechanisms — in other words, "using airdrops to fund airdrops." They understand the rules well and know how to maximize the value of each airdrop.

**Third Group — Frugal Strategists**
Their goal is clear: calculate costs and benefits precisely, and cash out once they achieve a 2 to 3 times ROI. This is a typical opportunistic approach, not pursuing long-term holding.

Regarding future opportunities, the bonus from the Perp DEX track is almost exhausted. The current options are basically two: either find new tracks that haven't been explored yet, or strictly select projects with obvious differentiated advantages and excellent user experience — like EdgeX, Variational, Extended, etc.

To sum up the core tips: **Early participation is fundamental, understanding the rules is key, prioritizing user experience is a long-term competitive advantage, risk control is essential, and finally, leveraging information and community advantages to stay ahead.** This logic can also be applied to mainstream tokens like BTC and ETH.