I feel like it’s the second one. We know every shard has its own god metal, and that combined shards form a new god combined metal. It makes sense that every shard would then have its own light, which could then combine in to different named lights, that seems pretty analogous.
How the anti-lights work seems a bit more complicated, but it also seems like it would take the combined anti-light to neutralize a light, not just one of the individual components.