Lighter Price Surges 37% This Week on LIT Tokenomics Revamp, Robinhood Chain Boost

Key highlights:

• Lighter's LIT token is currently exhibiting a bull run, gaining 37% in the last week
  The main catalysts for the bullish move are the LIT tokenomics overhaul and the project's partnership with Robinhood Chain
• Vitalik Buterin’s support has also strengthened the LIT rally 

The Lighter price continues to grow at a faster pace. With a notable increase of 37% in a week, the LIT crypto price has become one of the biggest gainers. This bullish trend reveals that the investors are now more enthusiastic about the token amid major developments.

Notably, the current positive sentiment is driven by the cryptocurrency’s new tokenomics model and expansion into Robinhood Chain. These updates have strengthened investor confidence, as they signal the platform’s long-term growth and expansion

Why is the Lighter price surging this week?

According to CoinCodex data, the Lighter price is experiencing a major bull run this week. At press time, the LIT crypto is valued at $35.51, with a surge of 6% in a day. Besides this one-day growth, the crypto is also exhibiting a long-term rally, with its price surging by 37% in a week and a staggering 84% in a month.

 

This indicates that the Lighter crypto’s overall trend is positive. However, despite the rally, the 24-hour trading volume is negative, down by nearly 12%. This indicates that the buying interest has comparatively slowed down.

Mainly, there are two reasons for the current bull run in the Lighter market. One of the key catalysts is the tokenomics overhaul. The second major reason is the project’s partnership with Robinhood Chain, the new Layer 2 blockchain network of Robinhood. In addition to these developments, the crypto market's overall positive sentiment has also boosted the Lighter price. Top players like Bitcoin, Ethereum, and XRP are also posting major gains, sparking widespread optimism.

Tokenomics update

Recently, Lighter announced a major tokenomics revamp. The update is to increase the long-term value of the LIT crypto. As part of this move, the platform intends to burn a total of 15.5 million LIT tokens which were acquired through its token buyback program. These tokens, which account for about 6.3% of the total circulating supply, will be removed permanently from the ecosystem. As revealed by the team, the first burn will occur in the coming weeks.

In addition to this burning event, the project has also announced an important change in its staking rewards. According to the new update, users who stake LIT will be provided rewards from the remaining ecosystem reward of 250 million tokens instead of using exchange reserves.

Robinhood Chain expansion

Another major development is Lighter’s ecosystem expansion through Robinhood Chain. As revealed by CEO Vladimir Novakovski, eligible users can use cryptocurrencies from their Robinhood Wallet as collateral for perpetual futures trading on the Lighter ecosystem.

The platform became Robinhood Chain’s official partner for perpetual futures trading on July 1. Lighter also introduced an additional $11 million LIT rewards program. This would allow Robinhood users to earn double reward points and offer zero trading fees for the initial three months.

Vitalik’s endorsement

Besides the tokenomics update and Robinhood Chain news, the Lighter price surge has been significantly influenced by Ethereum founder Vitalik Buterin’s recent endorsement. On May 18, Buterin stated that Lighter is “one of the more successful and noteworthy new projects in the Ethereum ecosystem.”