#市场下跌与合约风险 After reading the response from the Lighter founder, it's quite interesting. The TGE countdown is 3 days away, and the core logic remains unchanged—all value is accumulated into the token, with no fancy dual-structure equity schemes. I agree with this because in DeFi, using traditional financial tricks is basically digging your own hole.

The most heartbreaking part is the witch cleanup. They spent weeks doing data science and cluster detection to reduce the number of fake points from bots. The number of appeals is surprisingly low, which indicates either that most of those removed were genuine witches or that users have already given up. From a copy-trading perspective, this move is actually about clearing noise—those false liquidity and trading volume are traps for long strategies.

Regarding the fee model, he mentioned that since October, fees have been higher than expected, but trading volume hasn't shrunk. Institutions actually prefer the multi-tier fee scheme based on delays. This is very important—it shows the product has strength. Many crypto projects die once subsidies are withdrawn, but Lighter’s performance at least proves that stickiness is real.

The most valuable information about regulation. The dialogue in Washington is no longer in the "what is this" stage but is seriously discussing on-chain KYC, market structure bills, and other tangible issues. Collaborations with Robinhood, tokenized stocks, fixed income products… these are not empty words but real progress.

From a copy-trading risk management perspective, my advice is: pay attention to when the universal full-account margin will be launched and how the specific risk models are designed. From stablecoins to ETH and native tokens as collateral, each layer needs to be reassessed for liquidation risks. For friends using high-frequency copy-trading strategies, it’s best to maintain conservative leverage during this period and increase positions only after the product stabilizes.

Additionally, the token distribution plan will be announced soon—50% to the community, with a large portion allocated to the first and second quarters. This expectation aligns quite well with reality. If it’s truly implemented as planned, early participants in the points system will have some profit potential, but only if they are not harmed by the witch algorithm. We are not at the stage of real "gambling" yet; it’s more about observing the product strength and team execution.