Lighter Token Drops 15% as LIT Staking Goes Live
Lighter's LIT token fell nearly 15% following the launch of its new staking program, driven by post-launch selling and market forces.Summary
Lighter's LIT token experienced a nearly 15% drop, trading around $1.85, shortly after the platform announced the rollout of its staking program, validating a projected decline.
The LIT staking program introduces new utility, allowing holders to earn rewards and access features like the Lighter Perpetual Protocol (LLP). Staking 1 LIT grants a deposit allowance of 10 USDC into LLP, though existing holders have a grace period until January 28 to comply. Staking also unlocks fee-free withdrawals/transfers for holding 100 LIT and discounted fee tiers for premium market makers and HFT firms.
The price decline is attributed to several factors, including post-launch selling pressure from early investors and airdrop recipients, cooling trading volume since the October mainnet launch, and lingering FUD regarding alleged secret token sales. The staking launch itself may have triggered a 'buy the rumor, sell the news' effect, compounding existing volatility. Despite the price dip, Lighter remains a significant player in the perpetual swaps market, reporting nearly $5 billion in volume in the last 24 hours.
(Source：BeInCrypto)