The volume manipulation of Perp Dex is "the emperor's new clothes," but you and I are the tailors weaving the fabric.

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1 day ago

Talking nonsense about boosting scores/volume on perp dex

  1. First of all, boosting scores and volume on perp dex is quite normal. HyperliquidX also has its own ways of boosting (as do centralized exchanges). Where there are incentives, there will be actions; don’t think of this as something bad - inclusiveness is the attitude that a dex should have.

Without wool, how can there be a wool sweater? Without a wool sweater, how can Kong Yiji have a long gown? Without a long gown, how can the emperor have new clothes?

  1. Where does the main alpha of score boosting come from (pre-TGE)? Essentially, it is the expectation that this token will open high at TGE.

It is known that the project team will distribute x% of the tokens to score holders. The number of tokens is fixed, so it’s a competition over the price of the tokens, which depends on listings, liquidity, control of chips, backers, market manipulation, market expectations, etc. Currently, due to the exaggerated rise of $aster, it has opened up the imagination space, which is why various players are flocking in (the perp volume of edgex and lighter is almost reaching Mars).

However, everyone needs to discern - can the token price rise in this version? How much can it rise? The correlation with fundamentals/narratives is becoming increasingly weak; it’s about chips/backers’ calls/mechanisms/fuel, etc.

Let’s ponder: is it the rise in token price that creates the narrative? Or is it the narrative that causes the token price to skyrocket?

  1. The second consideration for score boosting returns is the denominator - where is your own score positioned? It is known that the token incentives given by the project team are fixed, so how much an individual can get depends on their share.

As more and more people come to boost, the denominator will only get larger, meaning that the amount each score holder receives will decrease (except for basic guarantees). This is actually something the project team is very willing to see, as it acts like a catfish effect, continuously promoting everyone to move forward - the higher the trading volume, the higher the income; edgex's 24-hour income is approaching 2 million.

Additionally, those who can achieve such large-scale "interactions" are professional APIs; ordinary people simply cannot manage it (boosting on perp is different from spot). Just participate a bit for the basic guarantee and understand the market hotspots; don’t really think you can boost to a single A7/A8.

  1. As mentioned in point 2, one of the cores of this version's "high opening" is controlling the distribution of tokens - it’s hard to distribute a large number of tokens at the beginning. Even if they are distributed to you, there will be one-on-one guidance for "big players."

  2. It’s not that grabbing incentives is bad, nor is it that perp dex lacks imagination - but this extremely hot KTV private room has little to do with ordinary people. Just participate appropriately, understand the market hotspots, and don’t go all in.

Opportunities that are within your understanding but also somewhat unexpected are what allow you to sleep well.

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