A Surprising Altcoin Has Risen 80 Percent in the Last Month During a Bear Market—Here’s Why

According to information shared by Castle Labs, the Lighter ecosystem token, LIT, has gained over 80% in value in the last 30 days. This rise is attributed to updates to the project’s token economy and a partnership with Robinhood Wallet.

Lighter announced its updated token economic model on June 30th. According to the new model, approximately 15.5 million LIT, which was repurchased with protocol revenues, was burned. This amount corresponds to approximately 6.3% of the total supply.

It was also stated that 125 million LIT are currently staked, with a targeted annual staking yield of 6 percent. Accordingly, approximately 7.5 million LIT are expected to be allocated annually for staking rewards.

Related News: BREAKING: Coinbase Suddenly Delists 5 Altcoins

Another development supporting the rise in LIT price was Lighter’s collaboration with Robinhood Wallet. As part of the partnership, contract trading will be offered using USDG as the pricing asset through Lighter instances distributed on Robinhood Chain.

According to Castle Labs data, LIT’s market value is currently around $650 million. The protocol’s annualized revenue is estimated at approximately $72 million, while its price-to-sales ratio is around 9. This ratio is said to be about half that of Hyperliquid, one of LIT’s main competitors.

This chart shows the recent rise in the LIT price.

*This is not investment advice.

Continue Reading: A Surprising Altcoin Has Risen 80 Percent in the Last Month During a Bear Market—Here’s Why