Customers on decentralized perpetuals change Lighter reported issues withdrawing property immediately, Dec. 30, shortly after the platform introduced and launched its native LIT token in a single day.
In line with studies from Wu Blockchain, in addition to merchants on X, the Ethereum Layer 2 DEX seems to have stopped processing withdrawals usually as of this morning. Some analysts mentioned the delay could have been brought on by Lighter’s system falling behind whereas dealing with elevated withdrawal requests, with customers reportedly receiving an error message “Too many L2 Withdrawals.”
As of press time, Lighter, which has a complete worth locked (TVL) of practically $1.5 billion, has not launched a public assertion in regards to the reported points on the platform. The Defiant contacted Lighter for remark, however the staff has but to reply by press time.
Stealth Token Launch
The reported withdrawal issues got here shortly after Lighter’s fast rollout of its much-anticipated token. The Miami-based mission made its first official announcement in regards to the Lighter Infrastructure Token (LIT) at 11:45 p.m. EST on Monday, Dec. 29, and the token went dwell only a few hours later, round 4 a.m. EST, giving customers little discover earlier than buying and selling started.
“The Lighter airdrop has been one of many weirdest occasions this quarter,” Benjamin, co-founder of Deploy Finance, advised The Defiant. “It was a silent airdrop, barely anybody is sharing their winnings on CT, and total mindshare is extraordinarily low. Did the airdrop even occur?”
He additional in contrast the scenario to the launch of Hyperliquid’s HYPE token final yr, which he mentioned had “large noise and actual FOMO throughout the market,” particularly from those that didn’t forecast the HYPE airdrop working in addition to it did.
“What’s much more telling is that inside lower than a day of the TGE, Coinbase turned the primary change to record LIT. Be mindful, HYPE was by no means listed on Coinbase.” Benjamin added.
“There’s a clear bias towards propping up their very own funding and change pursuits, and by some means that is by no means handled as a battle of curiosity by Coinbase.”
In its X announcement final night time, Lighter mentioned the LIT token is designed to seize worth from all of its services. The corporate additionally mentioned that income from its buying and selling platform and future instruments might be seen on-chain and used both to develop the enterprise or purchase again tokens, “relying on market circumstances.”
“The worth created by all Lighter services will absolutely accrue to LIT holders,” the staff wrote on X. “We’re constructing within the USA and the token is issued instantly from our C-Corp, which can proceed to function the protocol at price.”
Nonetheless, the staff additionally shared its token distribution breakdown within the X thread, which a number of commentators criticized for its 50% of token provide allocation to the Lighter staff and buyers.
The LIT token is presently buying and selling at $2.80, up about 2.8% over the previous 24 hours, in line with CoinGecko information. This adopted sharp value swings after launch, although the token stays beneath its temporary post-launch excessive of $7.86.
Forward of the token launch, Lighter revealed its full system code and technical design on the finish of final week, The Defiant beforehand reported.
Lighter Leads 30-Day Perp Volumes
Lighter stays some of the lively on-chain perpetual derivatives buying and selling venues in current months, with pleasure across the protocol gaining momentum this fall as merchants farmed factors for airdrop allocations in anticipation of a token launch.
Lighter has processed greater than $200 billion in perp quantity over the previous 30 days, outpacing Hyperliquid with about $165 billion. Over the previous 24 hours alone, the perp DEX has recorded $4.3 billion in buying and selling quantity, behind Hyperliquid’s $6.87 billion, per DefiLlama information
