$675M Light Airdrop Becomes 10th Largest in Crypto History
Liter, a decentralized exchange (DEX) that offers perpetual futures trading, has conducted one of the largest token offerings in crypto history, with critics questioning how the project will split its token supply.
Layer has released a total of $675 million worth of Layer Infrastructure Token (LIT) to early participants on Tuesday, according to blockchain data visualization platform Bubblemaps. “$675 million went down in the air to early participants. $30 million came out of the air (only),” Bubblemaps said in a Tuesday X post.
Liter's total airdrop of $675 million makes it the 10th largest airdrop in US dollar value in cryptocurrency history, according to crypto data aggregator CoinGecko.
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Lighter airdrops surpassed 1inch Network's $671 million airdrops for 10th place, but fell behind LooksRare's $712 million airdrops from 2022.
However, $675 million compared to the $6.43 billion value distributed through Uniswap's airdrop in 2020, the industry's largest to date.
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Holders remain after the token generation event.
Some of Liter's early adopters, such as pseudo-crypto investor DD, have reported receiving more than six-figure windfalls from DX.
As of Wednesday, about 75% of Weather recipients own the tokens, while 7% of recipients have bought additional LIT tokens on the open market, showing confidence in the long-awaited DEX token, according to data shared by blockchain sleuth Arndxt in the X Post.
Still, investors have been expressing concerns about Liter Tokenomics because 50% of the LIT supply is reserved for the ecosystem, while the remaining 50% is allocated to groups and investors, with a one-year cliff and a multi-year allocation schedule.
Some members of the community stated that the 50% group allocation was too high for the DeFi project, while others criticized Tokinomics for mimicking the model proposed by one of its main rivals, HyperLiquid.
As of 11:20 a.m. UTC, the LIT token stands at a market capitalization of $678 million, trading above $2.71, according to crypto intelligence platform Nansen.
However, traders buying at current price levels can only benefit from “short-term trading,” as long-term market opportunity requires significant additional trading and “user retention,” Crypto Investor Compensation wrote in Tuesday's X-Post.
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