Onchain knowledge from Bubblemaps revealed that roughly $250 million was withdrawn from decentralized perpetual trade Lighter after it airdropped $675 million price of LIT on Tuesday.
In an X submit, Bubblemaps questioned whether or not “all of the (yield) farmers have been leaving?” It additionally famous that Lighter customers withdrew roughly $201.9 million price of tokens on the Ethereum blockchain and roughly $52.2 million on arbitrum.
Nicolas Vaiman, CEO of Bubblemaps, instructed CoinDesk that “these outflows signify roughly 20% of Lighter’s complete worth locked (TVL) property that complete $1.4 billion per DeFiLlama”. He additionally stated that, “whereas this can be a massive quantity, outflows like this following an airdrop should not unusual as customers rebalance hedging positions and transfer capital to the following farming alternative.”
Vaiman stated outflows just like this one have been seen after Hyperliquid and Aster launched their tokens and that it’s going to “seemingly occur once more with different airdrops such because the PERP DEX or Paradex, Prolonged”.
Natalie Newson, CertiK senior blockchain safety researcher, additionally spoke with CoinDesk relating to this occasion: “Massive withdrawals after TGEs are often pushed by airdrop farmers and early members exiting their positions. That is seen past simply Lighter, although. We see it throughout many token launches. With out clear perception into new token distributions, there is a fog that enables a number of insiders to function and seize outsized good points shortly after launch.”
Main as much as the airdrop, LIT buying and selling quantity had remained comparatively regular, ranging between $8 billion to $15 billion in November. Nonetheless, in current days, it dropped to as little as $2 billion, in keeping with DeFiLlama knowledge. The value of LIT has additionally dropped by practically 23% since Dec. 30 from $3.37 to roughly $2.57.
