#代币经济与分配 Tracking the recent movements of Lighter, the TGE countdown is now very clear. Here's a summary of key information:

**Token Distribution Structure**: 50% to the community, 25% released in the initial airdrop (no lock-up), and another 25% reserved for future airdrops. This ratio is quite friendly to the community compared to similar projects, but the key still depends on how it is executed moving forward.

**Fund Flow Monitoring**: Some large transfers to custodial institutions and exchanges have been observed, but the team clarified that these are unrelated to the airdrop and mainly involve investors and the team. On-chain data shows these are expected operations with no abnormal signals.

**Token Utility Logic**: A buyback mechanism has been confirmed, with specific amounts to be announced. The value accumulation path points toward ecosystem expansion and product growth—mobile app launching soon, general margin system progressing in Q1, and planning for prediction markets and fixed income products. These are substantial demand supports, not empty promises.

**Risk Perspective**: The price performance after the initial 25% release will indeed serve as a litmus test for market risk appetite. Currently, the cleanup of the point system's "witches" is ongoing, and the number of appeals is far below expectations, indicating most holders have a relatively high confidence in the algorithm.

Wintermute was right—whether this TGE can be smoothly absorbed directly reflects the true market sentiment at this stage.