Lighter ($LIT ) — 2025’s Largest Airdrop

Lighter ($LIT) has already TGE’d and is now trading around $2.4, implying an FDV of roughly $2.4B

What makes this interesting is where Lighter already stands:

Top 3 Perpetual DEX by Open Interest & Volume

Only behind Hyperliquid ($HYPE) and Aster Dex ($ASTER)

Let’s look at how the leaders behaved after TGE:

- $HYPE : FDV expanded from ~$3B → $32B

- $ASTER : FDV expanded from ~$800M → $17B

How to think about LIT here

- Current FDV ≈ $2.4B

- For a #3 Perp DEX, a compression toward ~$1B FDV would be far more in line with historical post-TGE repricing

- That kind of reset often precedes the first major expansion leg

What FDV do you think is a fair entry zone for LIT after TGE?