Lighter airdropped 25% of its total token supply to early users, worth approximately $675 million, with no lock-up period—pretty generous. However, the tokenomics plan has been criticized by the community for being 'team-dominated,' as the team and investor allocation accounts for a whopping 50%, potentially leading to both short-term and long-term sell pressure. On the other hand, the protocol's exaggerated OI/Vol (Open Interest/Volume) ratio has sparked widespread skepticism in the market. Although the ratio has recently improved, Lighter had long maintained a ratio around 0.2, meaning that on average, every $1 of open interest was traded about 5 times within 24 hours. This significantly deviates from a healthy organic holding pattern (OI/Vol < 0.33) and shows clear signs of wash trading.