Lit as a word, for me, probably it will be the past tense of light, but then when you consider lit as a word for a new generation user, lit means something great, some wonderful, something fantastic.
मैं इस शब्द को Light word  का Past Tense मानती हूं, लेकिन नई पीढ़ी के Users  इसे - Great, Wonderful  या Fantastic के अर्थ में समझते हैं।