Lighter_xyz's financial data is worth deep consideration. The project has generated approximately $32M in revenue so far, but the fund allocation is noteworthy: $22M has gone to a certain compliant platform (suspected withdrawal), and another $7.5M has been invested in liquidity pools to boost APY figures. Under this configuration, the funds truly used for buybacks are almost depleted—if the $22M has already been cashed out, then the actual available buyback funds are less than $1M.

What’s more concerning is that the current fee wallet only has a balance of $100k. What does this mean? It indicates that behind the shiny financial statements of digital assets, the actual liquidity and buyback commitments may be far less sufficient than imagined. This also reflects a common phenomenon in DeFi projects: artificially boosting APY through LLP mechanisms to attract funds, while large amounts of capital quietly shift to exchanges. For investors, the transparency of this fund usage path remains a key long-term indicator when evaluating projects.