Lighter (LIT) Burn

At 22:41 UTC on 10 Jul 2026, 15,638,702 LIT left Lighter's treasury wallet (0xe554…9d62), passed through the transit wallet 0x3dd7…4dae for 12 minutes and landed in 0x…dEaD on Ethereum — 6.3% of the 250M LIT in circulation, worth $37.5M at that day's $2.40. It followed the June 2026 tokenomics change: Lighter switched from buy-and-hold to buy-and-burn, and bundled every LIT bought from TGE (30 Dec 2025) through the end of Q2 into a single round.

Lighter does not publish an average buy price, but it can be estimated. Revenue from TGE to 30 Jun was about $22M (Q1 $14.7M, Q2 $7.2M); if all of it went into the buyback TWAP as stated, the average price works out to roughly $1.40 per LIT — Q1 averaged $1.61, Q2 $1.21, with the low at $0.78 on 31 Mar. Put differently, Lighter bought when the token was cheapest and burned after it had tripled: $22M of revenue erased $37.5M of market cap at the burn-day price. The $1.40 is this ledger's estimate, not a Lighter figure.

Lighter charges standard accounts nothing; the money comes from premium and API accounts — bots, market makers, high-volume traders — and all of it goes into a 24-hour TWAP buying LIT each day, at market or up to 10% below. The daily series above sums three DefiLlama adapters: perps ($56.3M since 12 Oct 2025), spot ($1.8M) and perps via Robinhood Chain ($0.54M since 21 Jul 2026, split 50/50 with Robinhood). Dropping a source misses most of the picture — spot and Robinhood are only 4% combined, but Robinhood is the growing piece.

Revenue is well off its peak: Q4 2025 $31.2M (November alone $14.3M, record day 21 Nov at $853k), Q1 2026 $14.7M, Q2 $7.2M, Q3 through 1 Sep $5.6M over 63 days. The bright spot is August: $3.18M, up 44% on July ($2.2M), with 25 Aug at $410k the best day since January. Note too that DefiLlama records $73.7M in perp fees but $56.3M in revenue — the gap is maker rebates and referrals, which never reach the buyback.

At August's pace (~$100k a day) Q3 will close around $8–9M of revenue. At $3.80 that buys roughly 2.2–2.4M LIT — under 1% of circulating supply, a seventh of the first round. Lighter is not burning less; the first round bundled six months of revenue bought at $1.40, this one covers three months at triple the price. Expect the Q3 round in early-to-mid October, on the same rhythm as the last (10 Jul for Q2).

This ledger cannot see the buy orders because the TWAP runs on Lighter's own zk L2, but one early signal is measurable: the transit wallet 0x3dd7…4dae normally sits at zero; in Q2 the funds arrived at 22:29 and burned at 22:41. Mahex reads the treasury and transit balances daily, stores them in the state and raises an alert when the transit wallet is non-zero or the treasury drops. The treasury 0xe554…9d62 currently holds 234.26M LIT (23.4% of total supply) — consistent with the 25% Ecosystem allocation minus the burn; this ledger has not confirmed it is that whole bucket.

LIT's total supply is 1B: 25% airdrop (250M, all of today's circulating supply), 25% ecosystem, 26% team, 24% investors. The last two — 500M LIT, double what circulates — are locked for a year from TGE and then vest linearly over three years: from 29 Dec 2026 about 3.19M a week, roughly 13.9M a month. At August's revenue pace and $3.80, the buyback covers about 0.84M LIT a month — some 6% of the unlock. For burn to match vesting, revenue would have to be 16 times today's, or the price a great deal lower.

The price shows the market has read both sides. LIT touched $7.86 in the first hours of listing on 30 Dec 2025, fell 90% to $0.78 on 31 Mar 2026, then rose nearly fivefold to $3.80 after Robinhood Chain went live on mainnet with Lighter as its perps venue (1 Jul) and the burn (10 Jul). The burn was a one-off event; vesting is a 156-week stream. This page will show both in the same table once the unlock schedule starts.

Burn = the change in the LIT contract's (0x232c…4ee2) dead-wallet balance at 00:00 UTC each day, read through an Ethereum archive node so history back-fills; a zero Burn column between rounds is correct, not missing data. The round was located by binary search on that balance — block 25,505,247, tx 0x4b82…8c5f. Revenue = the three DefiLlama adapters summed per UTC day; buybacks cannot be measured because they happen on the L2. Unlocks follow the published vesting schedule; price and market cap come from CoinGecko. The "Burned / supply" card divides by the 1B total supply, so it reads 1.6% even though the round equalled 6.3% of circulating supply.