hyperliquid and lighter both gave 25%+ of their supply to users. the results couldn't be further apart hyperliquid, nov 2024 → 31% of supply to ~94K wallets → worth about $1B at launch, $20B+ today → ~3,875 wallets crossed $1M near HYPE's peak, and 456 crossed $10M → the median wallet got just 65 HYPE, and 86% of wallets sold everything lighter, dec 2025 → 25% of supply sent straight to points holders, with no claim and no lock → $675M on day one, about $800M today → the top 10K wallets took 80% of it same playbook, 25x the money the airdrop was never the prize. holding it was
