Traders Split Over Lighter's LIT Token Valuation After December 2025 Airdrop
Lighter's governance token, LIT, an Ethereum-based Layer 2 decentralized exchange (DEX) asset, has not yet begun open trading as of December 30, 2025. The token was distributed via an airdrop on the preceding Tuesday, which preceded any active trading.
Premarket valuations place LIT's price around $3.20 per token, implying a fully diluted valuation (FDV) exceeding $3 billion, according to CoinMarketCap data. This has led to a divide among traders on whether LIT's FDV should be near $2 billion or $3 billion. Earlier optimistic speculations around $4 billion and $6 billion valuations have diminished following a market crash in October.
FDV is calculated by multiplying the token price by its maximum supply but can be misleading without considering liquidity and tokenomics context. Recent launches with low-float tokens such as Monad, EigenLayer, and Movement have demonstrated inflated valuations, underscoring that FDV is a forward-looking metric sensitive to liquidity rather than a direct indicator of demand.
Data from Dune Analytics indicates that Lighter has averaged approximately $2.7 billion in daily perpetuals volume over the past week, ranking behind competitors such as Hyperliquid and Aster.DEX. For context, Hyperliquid's HYPE token launched in November with an FDV around $4.2 billion, providing a benchmark for evaluating LIT's market position.
