Lighter trading platform records $250 million in withdrawals within 24 hours following its airdrop

Outflows from decentralized perpetual exchange Lighter following its recent token airdrop are not unusual, according to Bubblemaps CEO Nicolas Vaiman.

On Dec. 31, onchain data from Bubblemaps showed that approximately $250 million was withdrawn from Lighter within 24 hours after the platform airdropped $675 million worth of LIT tokens. Of that amount, around $201.9 million was withdrawn on the Ethereum network, while roughly $52.2 million exited via Arbitrum.

In a post on X, Bubblemaps questioned whether “all the (yield) farmers were leaving?”—a common concern following large token generation events (TGEs).

Speaking to CoinDesk, Vaiman said the withdrawals represent about 20% of Lighter’s total value locked (TVL), which stands at roughly $1.4 billion, according to DeFiLlama.

“While this is a large number, outflows like this following an airdrop are not uncommon,” Vaiman said. “Users often rebalance hedging positions and move capital to the next farming opportunity.”

Vaiman added that similar post-airdrop behavior was observed after token launches by Hyperliquid and Aster, and noted that comparable patterns are likely to emerge with future airdrops from platforms such as Paradex and Extended.

Natalie Newson, senior blockchain security researcher at CertiK, echoed this view in comments to CoinDesk. She said large withdrawals after TGEs are typically driven by airdrop farmers and early participants exiting positions.

“This behavior isn’t unique to Lighter,” Newson said. “We see it across many token launches. When token distribution details aren’t fully transparent, it creates a fog that allows some insiders to capture outsized gains shortly after launch.”

Ahead of the airdrop, LIT trading volume had remained relatively stable, ranging between $8 billion and $15 billion throughout November. However, DeFiLlama data shows volumes have recently dropped to as low as $2 billion. Meanwhile, LIT’s price has declined nearly 23% since Dec. 30, falling from $3.37 to around $2.57.