Lighter has launched the token LIT, which is causing a dynamic change in the DEX (decentralized trading) market.
Experts attribute the recent surge in perp volume to the Ethereum-based privacy-focused perp DEX.
Analysts believe that farming is nearly over, and the $625 million LIT shared by early users has almost ended. projected Hyperliquid, in particular, is a platform where these traders may move. [HYPE].
Bubblemaps has reported that this projection was validated by the withdrawals made from DEX after TGE.
The firm noted It was reported that $250 million were withdrawn the day following TGE. Bubblemaps wondered what was happening amid the capital flight.
“Are all the farmers leaving?”
The net flow from DEX after factoring in deposits is the total of the deposit amount. amounted Around $101 Million
Source: Artemis
One user responded by clapping back at Bubblemaps. calling Withdrawals “normal.”
“That’s kind of normal. Seeing the $650M airdrop distribution, $250m ain’t huge.”
One more analyst countered It’s not traders who are withdrawing money, it is liquidity providers.
Lighter perp volumes slow
Lighter perp volume has fallen dramatically since late November. The weekly volume has declined from $66 billion to $31 billion in late December – A 50% drop in traction.
Source: Artemis
Hyperliquid is worth mentioning, but it’s not the only one. perp volumes Also, the amount of money spent on transportation dropped in half over this period from $41 to $26 billion. It was too soon to say that users of lighters had switched over to Hyperliquid.
LIT price post mixed results
Nevertheless, this $625 million aidrop exerted a significant amount of pressure on token sales. LIT dropped 32% in price from $3.30 to $1.20 after its initial launch. Altcoins had recovered by 18% at the time this was written, to reach $2.6.
A second analyst also affirmed this. projected LIT’s performance could be higher, based on the previous performances of competitors such as HYPE or ASTER following their respective launch.
TradingView Source: LIT/USDT
On the derivatives markets, slightly more people were shorting altcoins than they were buying them. Coinglass reports that, at the press time, only 45% of Binance’s top-tier accounts had a positive outlook for LIT. It was clear that short-term bullish pressure existed.
CoinGlass
Conclusions
- Lighter experienced significant capital outflows shortly after the launch of its LIT token.
- The short-term position was slightly skewed towards the bears, as shorter bets outnumbered longs.
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Source: ambcrypto.com
