After reading the latest response from the founder of Lighter, I have to say that the value of this AMA is indeed quite high. But as someone who has seen too many projects' slogans seriously disconnected from reality, I want to break down a few key pieces of information.

First is the "Witch Hunt" cleanup. The act of removing points essentially hits the pain points of all users involved in volume manipulation. The number of appeals is surprisingly low, which instead indicates that most of those being cleared are indeed bot farms. But there's a detail worth cautioning—any system claiming to identify users using "data science methods" carries the risk of false positives. If your points are deducted, be sure to fill out an appeal form instead of just accepting it.

Regarding the potential collaboration between RWA and tokenized stocks, I generally agree. But I suggest everyone remain cautiously optimistic about the progress of regulatory discussions. I’ve seen too many early-stage projects claim "we are in good talks with regulators," only to be hit with a sudden ban. The deepening understanding in Washington is real, but from understanding to actual institutionalized rules, there’s still a long way to go.

The fee structure is a noteworthy bright spot. Shifting from subsidies to a fee-based model is inherently risky, yet trading volume has not declined, and institutional feedback indicates that multi-tiered fees help them model better. This shows that Lighter, at least in product design, is not taking things for granted.

But the most critical part to watch is the tokenomics. Allocating 50% to the community sounds good, but the key factors are how it’s divided, when it’s distributed, and how long the unlock periods are. These are what determine whether your points are valuable or not. Currently, all these details are still in the "very soon" stage. History shows that projects promising high airdrops often see significant value shrinkage when it’s time to deliver.

The mobile app is about to launch, with a clear goal of seamless deposits and withdrawals. These are the right directions to improve user experience. But I still hold to the old saying—no matter how good the front-end experience is, it can’t save poor risk management. The gradual rollout of universal account margin trading indicates they are cautious about risk.

Overall, Lighter’s step-by-step approach seems relatively rational, unlike some projects that boast endlessly. But in this industry, rational planning and actual implementation are always worlds apart. Until the withdrawal feature is live, everything remains just a paper promise.