Some folks are getting excited after reading about Lighter's private round details, expecting the project might distribute both equity and tokens to point holders. While the enthusiasm is understandable, the reality of how most projects structure their token economics often differs from community expectations. Lighter's fundraising model raises interesting questions about whether point holders will actually receive meaningful token allocations alongside equity stakes. The gap between what gets speculated and what projects actually deliver in their token distribution plans is worth paying attention to—especially when it comes to private round commitments and how they translate into real incentives for community participants.