Outflows from the decentralized exchange Lighter following its recent LIT token airdrop are not unusual, according to Bubblemaps CEO Nicolas Vaiman, as users rebalance positions and move to new yield opportunities.

On-chain data from Bubblemaps showed roughly $250 million withdrawn after the platform distributed $675 million worth of LIT on Tuesday. Withdrawals included about $201.9 million on Ethereum and $52.2 million on Arbitrum, prompting Bubblemaps to question whether “all the (yield) farmers were leaving.”

Vaiman told CoinDesk the outflows represent roughly 20% of Lighter’s total value locked (TVL) of $1.4 billion, and noted that similar patterns occurred after previous token launches like Hyperliquid and Aster. He expects similar outflows with future airdrops, including PERP DEX and Paradex Extended.

CertiK researcher Natalie Newson added that large withdrawals after token generation events (TGEs) are typically driven by early participants and airdrop farmers. “Without transparency in token distributions, a few insiders can capture outsized gains shortly after launch,” she said.

Before the airdrop, LIT trading volume ranged from $8 billion to $15 billion in November but fell to around $2 billion in recent days. LIT’s price has dropped nearly 23% since Dec. 30, from $3.37 to approximately $2.57.