On-chain data reveals that a cluster of wallets linked to billionaire cryptocurrency entrepreneur Justin Sun has accumulated a significant stake in the newly launched LIT token from the perpetual futures decentralized exchange (DEX) Lighter. The wallets purchased approximately 13.25 million LIT for about $33 million, bringing Sun's total holdings to 14.89 million LIT, valued at roughly $39.8 million.
This acquisition gives Sun control of about 5.32% of LIT's circulating supply and 1.33% of its total supply. The accumulation appears to be tied to Lighter's Liquidity Provider Program (LLP), not airdrop farming. According to an analysis by on-chain researcher MLM, four wallets associated with Sun each received 1.6 million LIT (totaling ~$17 million at the time) shortly after the token generation event, likely as part of an LLP deposit deal. The wallets were funded 34 to 50 minutes after Lighter's airdrop allocation form closed, with no evidence of prior points farming.
Further activity shows Sun deposited close to $200 million into Lighter's LLP and later withdrew around $38 million, using approximately $33 million of that to purchase the additional LIT on the open market. Around $5.5 million remains in spot balances tied to the same wallet cluster. The data suggests similar arrangements may exist for other large LLP participants.
LIT, the native token of the Ethereum zk-rollup DEX Lighter, launched on December 30 with a 25% airdrop to early users and liquidity providers. Its circulating supply instantly reached roughly 250 million tokens. Tokenomics allocate 24% to investors and 26% to the team, both subject to a one-year cliff and three years of linear vesting. LIT is designed to capture value through fee recycling, buybacks, staking, governance, and access to advanced features.
Since its launch, LIT has faced selling pressure from liquidity withdrawals and post-airdrop profit-taking, a common trend for new tokens. It debuted around $3.40 but quickly experienced volatility, sliding about 30% to trade between $2.45 and $2.80. Despite this, Lighter reports strong usage metrics with $3.7 billion in 30-day volume and roughly $101 million in annualized fees. The long-term outlook for LIT depends on adoption, execution of its revenue-sharing mechanisms, and growth in the DeFi perpetuals market.
