Lighter Launches LIT Token While Tokenized Stocks Market Cap Hits Record $1.2 Billion

Lighter Unveils Infrastructure Token With Major Airdrop

Ethereum-based decentralized perpetuals exchange Lighter has introduced its Lighter Infrastructure Token (LIT) ahead of its long-awaited Token Generation Event (TGE), announcing a significant airdrop to early participants ^[1].

The team outlined the token's purpose and structure in a series of posts on X, describing it as key to "aligning incentives" within the ecosystem ^[1]. According to the announcement, 50 percent of the token supply will be allocated to the ecosystem, including an immediate airdrop to participants from the first two Point Seasons of 2025, representing 25 percent of the Fully Diluted Value (FDV) ^[1].

The Lighter team will receive 26 percent of the supply, while investors have been allocated 24 percent. Both allocations are subject to a one-year lock-up period and three-year linear vesting ^[1].

Trading Volume and Revenue Model

According to a Dune-based data tracker, Lighter's average perpetuals trading volume over the past seven days reached $2.7 billion, placing it third behind Hyperliquid and Aster ^[1].

Lighter stated that revenue from its decentralized exchange and future products built on its infrastructure will be transparent and traceable on the blockchain. Proceeds are earmarked for growth initiatives and token buybacks ^[1].

"The value created by all Lighter products and services fully accrues to LIT holders," the team wrote. "We are building in the US and the token will be issued directly from our C-Corp, which will continue to operate the protocol at cost" ^[1].

Jordi Alexander, founder of Selini Capital, offered his perspective on the token's prospects: "I think it will need to find a floor first as all airdrop farmers sell. However, there is great potential in the long term! In the first month, I think the range will be between $4 and $7 billion" ^[1].

Parallels to Hyperliquid Launch

The launch draws comparisons to Hyperliquid's HYPE airdrop from just over a year ago, which triggered a spectacular rally for that perpetuals DEX ^[1]. Whether LIT will follow a similar trajectory remains to be seen in the coming weeks and months ^[1].

Tokenized Stocks Market Reaches New Heights

In a separate development highlighting the growth of blockchain-based financial products, the combined market capitalization for tokenized stocks has reached a record $1.2 billion, driven by strong growth in September and December ^[2].

Token Terminal highlighted the milestone in a December 29 X post, drawing parallels between today's tokenized stocks market and the stablecoin market in 2020 ^[2]. "Tokenized stocks today are like stablecoins in 2020," the company stated ^[2].

Stablecoins were in their infancy at that time, primarily used by retail traders as protection against crypto volatility. The stablecoin market has since surged, with its market cap exceeding $300 billion for the first time earlier this year ^[2].

Institutional Adoption Accelerates

The recent growth in tokenized stocks coincided with Backed Finance's launch of its xStocks product suite on the Ethereum blockchain, debuting approximately 60 tokenized equities through partnerships with crypto exchanges Kraken and Bybit ^[2].

Other major players have announced similar initiatives. Tokenization company Securitize revealed plans to introduce compliant, onchain trading for several public stocks, while Ondo Finance announced plans to roll out tokenized US stocks and ETFs on the Solana blockchain in early 2026 ^[2].

Crypto exchange Coinbase stated earlier this month that it plans to offer stock trading as part of its broader goal to build an "everything exchange" ^[2]. In November, Nasdaq disclosed that it filed with the US Securities and Exchange Commission (SEC) to offer tokenized stocks on its platform ^[2].

Broader RWA Market Growth

In its year-end report, Cantor Fitzgerald noted that the market for tokenized real-world assets (RWAs) has tripled this year to $18.5 billion ^[2]. The firm predicted the market could reach approximately $50 billion in capitalization in 2026 as more institutions move onchain ^[2].