Users pull $250 million from lighter trading platform a day after airdrop

Outflows from decentralized perpetual exchange Lighter following its recent airdrop are not unusual, according to Bubblemaps CEO Nicolas Vaiman, as users rebalance positions and rotate capital to new yield opportunities.

On-chain data from Bubblemaps showed roughly $250 million withdrawn from Lighter after it distributed $675 million worth of LIT tokens on Tuesday. Users pulled around $201.9 million on Ethereum and $52.2 million on Arbitrum, prompting Bubblemaps to ask on X whether “all the (yield) farmers were leaving.”

Vaiman told CoinDesk the withdrawals represent about 20% of Lighter’s total value locked (TVL), which stands at $1.4 billion per DeFiLlama. He noted that similar outflows occurred after previous token launches, including Hyperliquid and Aster, and are likely to repeat with upcoming airdrops such as PERP DEX or Paradex Extended.

CertiK researcher Natalie Newson added that large withdrawals after token generation events (TGEs) are usually driven by early participants and airdrop farmers. “Without transparency in token distributions, a few insiders can capture outsized gains shortly after launch,” she said.

Ahead of the airdrop, LIT trading volume had ranged between $8 billion and $15 billion in November but recently fell to as low as $2 billion. LIT’s price has also declined nearly 23% since Dec. 30, from $3.37 to about $2.57.