This report reflects my own views and not necessarily the views of Kronos Ventures or WOO. The following analysis reflects my personal conviction and is provided solely for educational context, it should not be construed as financial advice. I am writing this of my own volition, and it is important to state that I have received no compensation, incentives, or advisory fees from the Lighter team or any affiliated parties. While I earned a small points allocation approximately ten months ago, my current exposure is driven by my own capital. As of December 16, 2025, I am long on both Lighter and Extended points.
Over the last two weeks, I have concentrated on strategic secondary accumulation, primarily acquiring whole wallets through private OTC deals. By leveraging established relationships within my network, I’ve been able to facilitate these transfers on a reputation-based, non-collateralized basis. This approach has allowed me to secure a cost basis that currently sits at a 20% discount to prevailing market speculation.
This thesis serves as a breakdown of my internal investment framework as it applies to Lighter’s fundamental value proposition. My focus here is on the underlying mechanics of the platform and the specific demand sinks for the