Lighter's upcoming Token Generation Event (TGE), potentially set for December 25, has sparked debate within the crypto community. CEO Vladimir Novakowski's hint at the launch date has intensified discussions, especially following the project's inclusion in Coinbase's roadmap. While this has generated interest, concerns persist regarding Lighter's business model and its competitive edge over rivals like Hyperliquid. Critics have raised questions about Coinbase's listing criteria and the closed-source nature of Lighter's code. Analysts caution that diminishing fund incentives could negatively impact trading volumes. As the year-end approaches, the anticipated airdrop and market reactions are key factors to watch.