#代币空投与积分活动 Let's review the details of Lighter's TGE, highlighting some key signals to watch:

**Token Distribution Structure**: 50% of the total supply goes to the community, with 25% allocated for airdrops. This ratio is relatively aggressive within projects. Airdrops are sent directly to wallets with no lock-up period—meaning early liquidity pressure after TGE will be quite noticeable, so it's important to observe the initial sell-off intensity.

**Buyback Mechanism**: The team has confirmed token buybacks but hasn't specified the amount. This is a vague signal. The scale, trigger conditions, and execution cycle haven't been disclosed, making it difficult to assess the actual impact on long-term value support.

**Exchange Listing Pace**: Initially, LIT will only be traded on the Lighter platform. Coinbase and Bybit are on the roadmap but without a timeline. This phased liquidity restriction is a double-edged sword—on one hand, it can alleviate selling pressure; on the other hand, it limits early trading depth and price discovery.

**Key Points to Watch**: TGE is scheduled for 2025, leaving some time before then. Focus on monitoring: airdrop data scale, wallet activity of token holders, and capital flows before and after listing on major exchanges. A high proportion of community tokens indicates the project is betting on ecosystem activity, which also determines the true value of future airdrops.