The Incentive Trap of Perpetual Contract DEXs: How do most platforms attract users? Fake trading volume, induce excessive leverage, crazy turnover. Essentially, it encourages gambling rather than building.

Some projects have rewritten this logic. Instead of rewarding trading volume, they reward liquidity. Posting orders earns points, regardless of whether the order is filled or not. This is true market making—users create real value and get rewarded, rather than relying on dopamine addiction.

What's the difference? One makes you keep betting and losing money, the other makes you provide liquidity and earn fees. The model has flipped, and the entire ecosystem's incentives have reversed. Can this design reshape the trading culture of DEXs? The market is giving the answer.