Lighter, a decentralized perpetual futures exchange, airdropped its token LIT, setting its valuation at over $2.5 billion, up from $1.5 billion in a recent funding round. The exchange recorded over $201 billion in trading volume in 30 days and uses a fee model inspired by Robinhood, charging only market makers and high-frequency traders. LIT token utility includes fee payments, staking incentives for data verification, and revenue distribution for growth initiatives and buybacks.