Will Price

And they've made the public statement that all value from lighter products and services is going to accrue to the token.

I see it as more of a growth play.

Yeah.

Lighter currently does maybe 20% of the crypto volume that Hyperliquid does, something like 10% of the RWA volume.

But it's not monetized to the same degree, and that's a growth strategy.

And so you would expect a different order of magnitude difference in the valuations if they were monetized in the same place, but Lighter's focused on growth.

And I know everyone else is focused on growth.

This is just Lighter's approach to it.

So there's a vesting schedule for team tokens and investor tokens like most crypto projects have.

In the case of Hyperliquid, they have the difference between their circulating and FTV is team tokens.

There's also, in both cases, a bucket of unallocated tokens that might get distributed for future growth.

But we really don't know what each of the respective teams is going to do.

But for all intents and purposes, they don't exist right now.

Yeah, I mean, I've certainly got many, many zeros in my investing past and it's part of the game.

In terms of like whether to give out tokens for growth, I viewed it like as a cost benefit analysis.

And if you have opportunities to spend on growth in a way that's going to create durable value for the business, you should do it.

Most crypto projects have failed to meet that bar with most of their token distributions.

It's something that I think about a lot.

Oh, I like airdrops too.

When airdropped.