I think we're close enough to @Lighter_xyz TGE to calculate possible value of one point. Market is hot, end of the beta season very soon and public mainnet season will be most probably very short. Everyone calculates airdrop value based on the FDV, but in the real bull market FDV is just a meme. What we will focus here on is only initial mcap. Same as in my previous points value calculation we won't take into account volume, as Lighter is a 0% fees platform and I think there may be a lot of wash trading bots (they are being flagged anyways). The best metric to take into account while thinking about it is OI. I was also considering calculating the value based on the TVL, but with such a great LLP performance I don't think it's good to include it (people just deposit into vault and don't trade with this money). Hyperliquid just had another ATH of OI and it's around $11b. Lighter's OI is at $236M. There are obviously people farming it, who may leave after the first points season, but Lighter is still in it's closed BETA and I still see many people asking for an invite code on twitter (you will probably see them in the comment section of this tweet as well), so I think it's safe to assume this amount as an organic OI Lighter generates. CEO of Lighter mentioned on one spaces (afair) that they want to give 50% to the community through an airdrop, thou I don't expect it to be only for the season 1 activity. I would expect them to airdrop between 25-30% of supply. What's more important is that I don't think any other form of supply will be released on day 1 of TGE. It means that the rest of the tokens aside of the airdropped ones will be locked/vested and won't be counted at the beginning in the mcap. Hyperliquid airdrop was special and I don't think Lighter will be even close to that, but let's stay realistic: perps space is big enough for more than one protocol. HL airdropped $16.2b to it's users at the current price. If we try to calculate the value of the Lighter airdrop based only on the OI it would give us $350m airdrop from Lighter. Thou Hyperliquid is quite different from anything else. The first protocol in the space to do IT in the correct way for its users. Hyperliquid is also a chain on its own, but I don't think this has crucial part in the price of $HYPE, as it mostly comes from the perps exchange. People are trading Lighter points for $5 and we will have around 10m points in total, if I'm right and 100% of circulating supply at TGE goes for an airdrop it means that people price Lighter's mcap at $50m, it means that it would sit at place 741 on Coingecko and be worth less than many useless protocols. Lighter team isn't random. Those guys are from top universities and are locked in. That's what built my conviction to farm HL at the beginning of my journey with perps. That being said - I think Lighter point will be worth around $15-$20 at the beginning going as high as $100 if the market won't stop it's bull, giving Lighter mcap of for example Sonic or Virtuals. Do you think fund managers will fade exposure for one of the top perps platform in the emerging markets after seeing Hyperliquid's success? Higher.