Lighter Platform's 30 million+ USDC fund flow analysis: fee distribution mechanism draws attention

2025-12-29 16:42:13

【BitPush】According to on-chain monitoring data, the trading platform Lighter has extracted 32.05 million USDC to its treasury address from within its ecosystem. Currently, approximately $100,000 remains in the platform’s fee wallet.

Interestingly, this fund has not completely left the ecosystem. Of the $32.05 million, about $8.6 million was redeposited into Lighter after October 16, with roughly $7.5 million going into LLP (which generates fee rebates to liquidity providers). This operation has never been publicly disclosed before nor mentioned in official documentation — accounting for about 25% of the platform’s total revenue used for this purpose, which is indeed noteworthy.

The remaining $21.9 million USDC was transferred to Coinbase’s custody address. Lighter then disclosed more technical details: its treasury address is hardcoded in the contract as account 0, responsible for receiving all platform fees, and the address can be dynamically changed according to the contract mechanism. This design ensures fund security while leaving flexibility for future operational adjustments.

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