Lighter Protocol Faces $250M Withdrawal Surge Post-Airdrop: User Exodus or Profit-Taking?

The Lighter decentralized trading protocol has experienced significant capital outflows following its recent token airdrop. Data from DeFiLlama indicates that approximately $250 million was withdrawn from the platform's liquidity pools within just 24 hours after the LIGHTER token distribution event. This massive withdrawal represents a substantial portion of the protocol's total value locked (TVL), which plummeted from around $290 million to roughly $40 million. The sharp decline in TVL highlights a common trend in the DeFi sector, where users often provide liquidity primarily to qualify for airdrop rewards and exit swiftly thereafter. While such movements can signal short-term volatility, they also test the underlying protocol's sustainability and long-term value proposition. Market analysts are closely watching whether Lighter can retain and rebuild its liquidity base in the coming weeks.