**[Lighter Founder: All Economic Value of Lighter Will Flow to Tokens, Equity Structure Converted to Token Structure at TGE]** Odaily Planet Daily News – Lighter founder Vladimir Novakovski published an article this morning on X titled "Equity and Tokens." In the article, Novakovski clarified that all economic value generated by Lighter will belong to token holders. Lighter's original intention has always been to use venture capital to guide the project until the moment of token issuance. Lighter is a U.S.-based company and exists as a single entity—the entity that issued equity in the years prior to TGE is the same entity that issued tokens at TGE. Apart from converting the equity cap table into a token cap table at TGE, the equity cap table will no longer serve any other function in the future. More specifically, Lighter completed its final round of equity financing a few months before TGE, which was oversubscribed by approximately 5x, attracting over $300 million in funding interest for a $68 million allocation. At that time, all equity stakeholders—including early investors and former employees—were informed of the future plan: their equity value would only be reflected as shares on the token cap table. They were also given the opportunity to sell their equity shares. Anyone who disagreed with the concept of "all value accruing to tokens" could easily exit at a higher valuation. Ultimately, less than 1% of equity holders chose to sell their shares, while the remaining stakeholders supported Lighter's commitment to "value accumulation in tokens" by choosing to stay.