#数字资产市场洞察 $LIGHT's tokenomics model presents obvious risks. From the distribution perspective, the project team controls over 90% of the circulating supply, which means the pricing power in the secondary market is completely unbalanced. More concerning is that the protocol has built-in minting rights, and the project team can even freeze user transactions. This design logic is essentially centralized control—tokens that appear decentralized are actually tools for rug pulls.

From an economic standpoint, when tokens are highly concentrated in the hands of the project team, they lack genuine market-making motivation. Normal liquidity should be supported by market participants, not solely by the project team manipulating the market. Once market sentiment cools, the collapse of such projects often happens much faster than expected. Investors are advised to focus on three key dimensions when evaluating any token project—token distribution, minting mechanisms, and governance rights—as these are often critical indicators of a project's authenticity.