Castle Labs: LIT Soars Over 80%, Tokenomics Update and Robinhood Partnership as Main Drivers

CoinFeed July 7 news, according to Castle Labs, Lighter ecosystem token LIT has increased over 80% in the past 30 days. Lighter announced on June 30 an update to its tokenomics, burning all approximately 15.5 million LIT (6.3% of total supply) repurchased with protocol revenue, and based on the current staking scale of 125 million LIT, targeting an annualized staking yield of 6%, expected to distribute 7.5 million LIT annually. Meanwhile, Lighter has partnered with Robinhood Wallet, which offers contract trading using USDG as the denominated asset through a Lighter instance deployed on the Robinhood Chain.