Onchain information from Bubblemaps indicated that around $250 million was withdrawn from the decentralized perpetual exchange Lighter following its airdrop of $675 million in LIT on Tuesday.
In a post on X, Bubblemaps asked if “all the (yield) farmers were departing?” They also mentioned that Lighter users withdrew about $201.9 million worth of tokens on the Ethereum blockchain and roughly $52.2 million on Arbitrum.
Nicolas Vaiman, CEO of Bubblemaps, explained to CoinDesk that “these outflows account for approximately 20% of Lighter’s total value locked (TVL), which stands at $1.4 billion according to DeFiLlama.” He added that, “while this amount is substantial, such withdrawals post-airdrop are common as users adjust hedging positions and shift capital to new farming opportunities.”
Vaiman noted that similar outflows were observed after Hyperliquid and Aster launched their tokens and that this will “likely occur again with other airdrops such as the PERP DEX or Paradex, Extended.”
Natalie Newson, a senior blockchain security researcher at CertiK, also discussed this incident with CoinDesk: “Significant withdrawals after TGEs are typically driven by airdrop farmers and early participants cashing out. This isn’t limited to Lighter; it’s a widespread pattern seen across many token launches. The lack of clear visibility into new token allocations creates an environment that permits a few insiders to exploit and secure substantial profits immediately after launch.”
Before the airdrop, LIT trading volume had been quite steady, fluctuating between $8 billion and $15 billion in November. Nonetheless, in recent days, it fell to as low as $2 billion, according to DeFiLlama data. The value of LIT has also decreased by nearly 23% since December 30, from $3.37 to around $2.57.
