LIT · the exchange spends its fee income buying its own token back.
LIT is the token of Lighter, a perpetuals exchange, and it lives on Ethereum. Supply is fixed at 1 billion. Only 250M trades today — the airdrop from launch. Everything else is still held back.
Sell pressure. Almost none. The only new coins reaching holders are staking rewards paid out of the reserve — 0.10M drawn so far, against a published rate worth about 1.85M over the next 90 days.
Buy pressure. Every dollar of trading fees buys LIT back — 3.98M over the window — and the first batch, 15.6M LIT, was sent to a dead address on Jul 10 2026.
Net. About 1.55% taken off the market over 90 days. The next 90 days stay negative but only just — and a 500M insider cliff waits on Dec 27 2026, one month past this window.
- Next revenue-funded burn~2.0M LITOct 2026 · the LIT bought since the Jul 10 2026 burn, expected to be destroyed after the quarter closes
- Staking payout from the reserve~1.85M LITSep 2026 onward · paid to stakers over the next 90 days at the published 6% a year
- Weekly Robinhood trading rewardssize not publishedEvery Friday · drawn from an incentive pool of about 11M LIT; watch the weekly size
LIT has no block reward and no mint. The only new supply reaching holders is the staking payout, and since Jun 30 2026 it is paid out of the 250M ecosystem reserve at a stated 6% a year on about 125M LIT staked — about 7.5M LIT a year, or 1.85M over 90 days. The chain shows only 0.10M drawn so far, on Jul 3 2026, so the forward column uses the rate the protocol published rather than that one top-up.
Nothing vests in this window. The team and early-investor allocations — 500M LIT together, half the supply — sit behind a single cliff dated Dec 27 2026, after which they release evenly over three years. That date is outside both the last 90 days and the next 90 days, so the row is a genuine zero rather than a small number.
No public evidence of release in window — monitored. Three overhangs are tracked, all read this week: the ecosystem reserve wallet still holding 234.26M LIT with no published calendar, the 260M team allocation, and the 240M early-investor allocation. Inside that reserve sits a trading-reward pool of about 11M LIT for the Robinhood Wallet community, paying out every Friday since Aug 21 2026 — the weekly size and the end date are not published, so it is watched rather than counted.
Lighter is a running exchange. There is no estate, no trustee and no court-ordered distribution of LIT to track.
Every dollar the exchange earns in trading fees buys LIT back on the open market, spread across the day so it cannot be front-run. That bought 3.98M LIT over the window. The destination is checked, not taken on trust: 15,638,703 LIT was sent to a dead address on Jul 10 2026 and can never move again, and the amount matches what the exchange's revenue could buy from launch to that date to within 0.14%.
There is no second, separate burn. Fees are what pay for the buyback above, and destroying those tokens is where the buyback ends — counting it again would double the same coins.
No dated purchase of LIT by the company outside the fee-funded buyback already counted above.
Staked LIT can be withdrawn after a 3-day wait, which is a queue, not a lock — the coins never leave the market. The stakers are also the ones being paid in the first sell row, so crediting the stake as well would count the same balance twice.
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