<p>永久去中心化交易所（DEX）領域在 Lighter 推出其代幣 LIT 後，正迎來新的動態轉變。</p>
<p>這款以隱私為重點、基於以太坊的永久去中心化交易所最近在永久合約交易量方面表現突出，專家將這一現象歸因於空投農民。</p>
<p>隨着農作幾乎結束，且已有 6.25 億美元的 LIT 分發給早期用户，分析師預測這些交易者將轉向另一個平台，尤其是 Hyperliquid [HYPE]。</p>
<p>根據分析公司 Bubblemaps 的説法，這一預測可能在 TGE（代幣生成事件）後 DEX 的大規模提款中得到了驗證。</p>
<p>該公司指出，在 TGE 後一天，DEX 提款達到了 2.5 億美元。在資本外流的背景下，Bubblemaps 提出了疑問，</p>
<blockquote>
<p>“所有的農民都離開了嗎？”</p>
</blockquote>
<p>考慮到存款，DEX 的整體淨流出約為 1.01 億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Lighter-Net-Deposits.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Lighter-Net-Deposits.jpeg"/></p>
<p>來源：Artemis</p>
<p>對此，一位用户反駁 Bubblemaps，稱提款是 “正常的”。</p>
<blockquote>
<p>“這算是正常的。看到 6.5 億美元的空投分配，2.5 億美元並不算多。”</p>
</blockquote>
<p>另一位分析師反駁稱，提款並非來自交易者，而是來自流動性提供者。</p>
<h2>Lighter 的永久合約交易量放緩</h2>
<p>也就是説，自 11 月底以來，Lighter 的永久合約交易量急劇下降。每週交易量從 660 億美元下降到 12 月底的 310 億美元——下降了 50%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Lighter-Perpetuals-Volume.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Lighter-Perpetuals-Volume.jpeg"/></p>
<p>來源：Artemis</p>
<p>值得指出的是，Hyperliquid 的永久合約交易量在同一時期也下降了一半，從 410 億美元降至 260 億美元。簡而言之，得出 Lighter 用户已經有效轉向 Hyperliquid 的結論還為時尚早。</p>
<h2>LIT 價格表現混合</h2>
<p>儘管如此，6.25 億美元的空投對該代幣施加了顯著的賣壓。在首次亮相後，LIT 從 3.30 美元跌至 2.20 美元，跌幅達 32%。在撰寫本文時，這種山寨幣已回升 18%，達到 2.6 美元。</p>
<p>事實上，另一位分析師預測 LIT 可能會進一步上漲，引用了 HYPE 和 ASTER 在各自推出後的歷史表現。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/LITUSDT.P_2026-01-01_14-55-26.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/LITUSDT.P_2026-01-01_14-55-26.png"/></p>
<p>來源：LIT/USDT，TradingView</p>
<p>與此同時，在衍生品市場上，做空該山寨幣的人數略多於買入的人。根據 Coinglass 的數據，54% 的 Binance 頂級賬户在對 LIT 做空，而只有 45% 在關注其反彈。這突顯了短期的看跌壓力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-01-154931.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-01-154931.png"/></p>
<p>來源：CoinGlass</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>Lighter 在其 LIT 代幣推出後記錄了顯著的資本外流。</em></li>
<li><em>短期頭寸略微傾向於看跌，因為做空的押注壓倒了做多。</em></li>
</ul>
<hr/>

<p>Lighter 最近推出的 LIT 代幣導致其去中心化交易所（DEX）出現 2.5 億美元的資金外流，分析師指出在代幣生成事件（TGE）後資金的顯著撤回。儘管進行了 6.25 億美元的空投，LIT 的價格最初下跌了 32%，但隨後略有回升。永續合約交易量也顯著下降，引發了對用户留存率的質疑。市場情緒似乎偏向看跌，做空 LIT 的交易者數量超過了買入者，表明該代幣的表現可能面臨挑戰</p>

<p>The perpetual DEX (decentralized exchange) space is set to enter a new dynamic shift after Lighter launched its token LIT.</p>
<div class="lb-trans"><p>永久去中心化交易所（DEX）領域在 Lighter 推出其代幣 LIT 後，正迎來新的動態轉變。</p>
</div><p>The privacy-focused, Ethereum-based perp DEX has been punching above its weight in terms of perp volumes lately, a move that experts attributed to aidrop farmers.</p>
<div class="lb-trans"><p>這款以隱私為重點、基於以太坊的永久去中心化交易所最近在永久合約交易量方面表現突出，專家將這一現象歸因於空投農民。</p>
</div><p>With farming almost over and after $625 million LIT has been shared with early users, analysts projected that these traders will move to another platform, especially Hyperliquid [HYPE].</p>
<div class="lb-trans"><p>隨着農作幾乎結束，且已有 6.25 億美元的 LIT 分發給早期用户，分析師預測這些交易者將轉向另一個平台，尤其是 Hyperliquid [HYPE]。</p>
</div><p>According to the analytics firm Bubblemaps, the projection may have been validated amid massive withdrawals from the DEX post-TGE (token generation event).</p>
<div class="lb-trans"><p>根據分析公司 Bubblemaps 的説法，這一預測可能在 TGE（代幣生成事件）後 DEX 的大規模提款中得到了驗證。</p>
</div><p>The firm noted that $250M was withdrawn from the DEX a day after TGE. Amid the capital flight, Bubblemaps wondered,</p>
<div class="lb-trans"><p>該公司指出，在 TGE 後一天，DEX 提款達到了 2.5 億美元。在資本外流的背景下，Bubblemaps 提出了疑問，</p>
</div><blockquote>
<p>“Are all the farmers leaving?”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“所有的農民都離開了嗎？”</p>
</blockquote>
</div><p>Factoring in the deposits, the overall net outflow from DEX amounted to approximately $101 million.</p>
<div class="lb-trans"><p>考慮到存款，DEX 的整體淨流出約為 1.01 億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Lighter-Net-Deposits.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Lighter-Net-Deposits.jpeg"/></p>
<p>Source: Artemis</p>
<div class="lb-trans"><p>來源：Artemis</p>
</div><p>In response, one user clapped back at Bubblemaps, calling the withdrawals “normal.”</p>
<div class="lb-trans"><p>對此，一位用户反駁 Bubblemaps，稱提款是 “正常的”。</p>
</div><blockquote>
<p>“That’s kind of normal. Seeing the $650M airdrop distribution, $250m ain’t huge.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“這算是正常的。看到 6.5 億美元的空投分配，2.5 億美元並不算多。”</p>
</blockquote>
</div><p>Another analyst countered that the withdrawals weren’t from traders but from liquidity providers.</p>
<div class="lb-trans"><p>另一位分析師反駁稱，提款並非來自交易者，而是來自流動性提供者。</p>
</div><h2>Lighter perp volumes slow</h2>
<div class="lb-trans"><h2>Lighter 的永久合約交易量放緩</h2>
</div><p>That said, Lighter’s perp volumes have fallen off the cliff since late November. The weekly volume has declined from $66 billion to $31 billion in late December – A 50% drop in traction.</p>
<div class="lb-trans"><p>也就是説，自 11 月底以來，Lighter 的永久合約交易量急劇下降。每週交易量從 660 億美元下降到 12 月底的 310 億美元——下降了 50%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Lighter-Perpetuals-Volume.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Lighter-Perpetuals-Volume.jpeg"/></p>
<p>Source: Artemis</p>
<div class="lb-trans"><p>來源：Artemis</p>
</div><p>Worth pointing out, however, that Hyperliquid’s perp volumes also dropped by half from $41 billion to $26 billion over the same period. In short, it was still too early to conclude that Lighter users have effectively switched to Hyperliquid.</p>
<div class="lb-trans"><p>值得指出的是，Hyperliquid 的永久合約交易量在同一時期也下降了一半，從 410 億美元降至 260 億美元。簡而言之，得出 Lighter 用户已經有效轉向 Hyperliquid 的結論還為時尚早。</p>
</div><h2>LIT price post mixed results</h2>
<div class="lb-trans"><h2>LIT 價格表現混合</h2>
</div><p>Still, the $625 million aidrop exerted significant selling pressure on the token. After its debut, LIT fell 32% from $ 3.30 to $ 2.20. At the time of writing, the altcoin had recovered 18% to $2.6.</p>
<div class="lb-trans"><p>儘管如此，6.25 億美元的空投對該代幣施加了顯著的賣壓。在首次亮相後，LIT 從 3.30 美元跌至 2.20 美元，跌幅達 32%。在撰寫本文時，這種山寨幣已回升 18%，達到 2.6 美元。</p>
</div><p>In fact, another analyst projected that LIT could rally higher, citing the past performance of rivals such as HYPE and ASTER after their respective launches.</p>
<div class="lb-trans"><p>事實上，另一位分析師預測 LIT 可能會進一步上漲，引用了 HYPE 和 ASTER 在各自推出後的歷史表現。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/LITUSDT.P_2026-01-01_14-55-26.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/LITUSDT.P_2026-01-01_14-55-26.png"/></p>
<p>Source: LIT/USDT, TradingView</p>
<div class="lb-trans"><p>來源：LIT/USDT，TradingView</p>
</div><p>Meanwhile, there were slightly more people shorting the altcoin than buying it on the derivatives market. According to Coinglass, 54% of Binance top accounts were betting against LIT compared to only 45% eyeing a recovery at press time. This underscored short-term bearish pressure.</p>
<div class="lb-trans"><p>與此同時，在衍生品市場上，做空該山寨幣的人數略多於買入的人。根據 Coinglass 的數據，54% 的 Binance 頂級賬户在對 LIT 做空，而只有 45% 在關注其反彈。這突顯了短期的看跌壓力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-01-154931.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-01-154931.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>來源：CoinGlass</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</h2>
</div><ul>
<li><em>Lighter recorded significant capital outflows just after its LIT token launch.</em></li>
<li><em>Short-term positioning was slightly tilted towards bears as short bets overwhelmed longs.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>Lighter 在其 LIT 代幣推出後記錄了顯著的資本外流。</em></li>
<li><em>短期頭寸略微傾向於看跌，因為做空的押注壓倒了做多。</em></li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

Lighter 在代幣首次發行後面臨 2.5 億美元的資金外流——LIT 的未來將如何發展？