The script for Perp DEX over the past two years—everyone knows it by heart: Distribute points → Trade mining → Pump up volume together → Wait for the token. The data looks great. But the ones who bear the real costs are often not the ones who end up with the most. Real traders pay for: fees, slippage, liquidation risks, capital lock-up, and opportunity costs. The ones who are best at pumping volume and completing tasks pay for: the electricity for their scripts. Yet, incentives often go to the latter. @popdex_ has been repeating one phrase recently: 100% Value Return to Real Contributors. I think the focus shouldn’t be on the "100%" figure, but rather on the two tougher questions behind it. First, who counts as a Real Contributor? Traders? People who invite real users? LPs and market makers? Or those who stick around in the community long-term? Second, how do you return value? Fee rebates? VIP fee reductions? Contribution-based distribution for trading and referrals? Or some kind of on-chain verifiable mechanism? These two questions haven’t been fully answered by the project teams. Will there be a token? When will it launch? No answers to those either. But one thing is clear: If future distribution is truly based on real contributions, then early trading records might hold more weight than a bunch of farmed points. Just my personal speculation—this does not constitute investment advice. DYOR. https://popdex.xyz/ Feel free to register and give it a try: https://app.popdex.xyz/en/referral?referralCode=MEJ50749