Crypto Whale Loses Nearly $2M in On-Chain ETH-to-LIT Swap

An unknown wallet (0xff89) recently executed a major crypto swap, exchanging 1,126.44 ETH, valued at about $2.01 million, for just 5,776 LIT tokens worth roughly $14,208. The transaction, completed around 8 hours ago, resulted in a loss close to $2 million.

This gap occurred because large trades on decentralized exchanges are not executed at a fixed rate. Instead, they are filled through liquidity pools, where a big order can significantly move the price while it is being processed. Consequently, the wallet experienced strong price impact and slippage, receiving far fewer tokens than the quoted market value would normally suggest.

Meanwhile, Lighter (LIT) has continued to gain momentum, rising 13.7% over the past 24 hours and trading near $2.59.

Source: Lookonchain