Lighter (Perp DEX – EVM) Airdrop Farming

Overview

Following the success of Hyperliquid’s $HYPE distribution, attention shifted toward Lighter, a perpetual DEX operating on EVM infrastructure and often described as Hyperliquid’s closest structural competitor.

As of early February 2026, Lighter points were trading at approximately $49 on pre-markets. The team had hinted at a potential token event by Q4 2026, though no official TGE date had been confirmed.

Access was gated via invite codes, and by the time of this post, farming activity had already become heavily diluted due to increased participation.

Unlike simple claim-based airdrops, this required active trading and liquidity participation, introducing both execution risk and capital exposure.

Breaking Down the Play

EVM-based perpetual DEX.
Positioned as Hyperliquid’s primary competitor.
0% trading fees (at time of farming).
250K points allocated weekly.
Invite-code-gated access.
Points are already diluted due to the late farming cycle.

The thesis was simple:
If competitor ASTER’s FDV metrics were used as a benchmark, implied per-point valuation could exceed $400 in a strong token launch scenario. However, this was speculative and dependent on future TGE pricing and tokenomics.

Timeline: Farm to Pre-Market Valuation

Platform Expansion Phase

18/12/2025

Lighter publicly positioned itself as a leading EVM Perp DEX competitor to Hyperliquid and expanded onboarding.

Points Farming Acceleration

12/01/2026

Weekly 250,000 point emissions became heavily diluted as farming activity increased significantly across the platform.

Pre-Market Trading Began

30/01/2026

Lighter points began trading on pre-markets with initial valuations around $40 to $50 per point.

Allocation Checks and Public Discussion Peak

03/02/2026

Users began checking allocations and sharing screenshots publicly as pre-market pricing stabilised around $49 per point.

Useful Links / Resources

▶️ Register

▶️ Official X

▶️ Discord

Final Thoughts

This was not a passive airdrop.

Farming perpetual DEXes required:

• Active trading
• Capital exposure
• Time commitment
• Risk tolerance

Pre-market pricing at $49 created an implied valuation framework, but dilution and late participation significantly reduced upside compared to early farmers.

The upside case depended on:

• Final tokenomics
• FDV at launch
• Market conditions at TGE
• Allocation per wallet

High potential, high dilution, high risk.

This was a calculated time + capital play, not a guaranteed payout.