Shares of Lighter (LIT) rose more than 20% on Monday to $2.6, their highest level since January, after the perpetual exchange unveiled an overhaul of the token that adds perpetual burns and a rolling staking model.
This move made LIT the biggest winner among the top 100 cryptocurrencies. It has extended a rally that has lifted the token nearly 40% over the past week, far outpacing the broader market.
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Lighter presents the Tokenomics update
I bought the lighter LIT With exchange proceeds After launching the token. The exchange said it had bought back about 15.5 million liters, or approximately 6.3% of the circulating supply. She said the lighter she plans to use Buybacks to Permanently reduce LIT supply through burns.
Copy operations will be triggered by sending LIT to the copy address on the Ethereum (ETH) mainnet. Lighter plans its first burn in the weeks following the close of the second quarter. It indicated that it may burn the undistributed LIT instead of the exact repurchased tokens.
“This is economically equivalent for LIT holders and allows Lighter to efficiently manage treasury operations and avoid unnecessary costs,” the exchange said. He said.
Staking rewards go into reserve
Lighter has also changed how accumulated rewards are funded. Since its launch Through its January staking program, it distributed approximately 3.72 million LITs using pre-TGE revenue, including approximately 170,000 LITs through its fee credits program.
This approach ends. The exchange will now fund the staking rewards using the remaining ecosystem tokens, totaling 250 million LIT.
The protocol targets 6%. Annual staking return. With about 125 million liters currently available, this would distribute approximately 7.5 million liters annually.
LIT is still trading well below the record high of $7.86 set in December. The ability of the new model to support demand may depend on the stability of trading revenues in the coming months.
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this post Lighter jumps 20% to seven-month high after token overhaul appeared first on BeInCrypto.
